Nakilat Expands Fleet of LNG Carriers

L-R: Bassel Gamal, QIB Group CEO, Eng. Abdullah Fadhalah Al Sulaiti, Managing Director of Nakilat, Khalid Al Subeai, Acting Chief Executive Officer of Barwa Bank
L-R: Bassel Gamal, QIB Group CEO, Eng. Abdullah Fadhalah Al Sulaiti, Managing Director of Nakilat, Khalid Al Subeai, Acting Chief Executive Officer of Barwa Bank

Nakilat, the Qatari LNG shipping firm, announced today the closing of $807.4 million in refinancing allowing the firm to add three new LNG carriers to Maran Nakilat Co. Ltd, its joint venture with Greek shipowner, Maran Ventures Inc.

Maran Ventures is a subsidiary of Maran Gas which currently has 17 LNG carrier newbuilds on order at Hyundai Samho Heavy Industries and DSME.

These vessels increase the joint venture’s total fleet from eight vessels to 11 and will be used in international trade, growing Nakilat’s LNG fleet from 58 vessels to 61, and expanding Nakilat’s total fleet — including both LNG and LPG carriers — from 62 vessels to 65.

As of June 2013, Nakilat owned 40 percent of the Maran Nakilat Co. joint venture.  Refinancing was provided by Qatar Islamic Bank (QIB( and Barwa Bank.

Nakilat notes the vessels include an existing 2007-built 145,000 cbm ship and two 160,000 cbm ships currently under construction at DSME and Hyundai Samho with expected deliveries in June 2015 and April 2015, respectively.