Photo: Image courtesy of Qatargas

Nakilat takes full ownership of Q-Flex quartet

Qatar’s Nakilat, the world’s largest liquefied natural gas (LNG) shipping company, acquired the full ownership of four Q-Flex liquefied natural gas (LNG) carriers from its joint-venture partner, International Seaways.

The acquisition was completed following execution of a sale and purchase agreement for the acquisition of the remaining 49.9 percent ownership interest in these vessels from INSW.

This brings the total number of vessels wholly-owned by Nakilat from 25 to 29 LNG vessels, out of its overall fleet of 74 LNG and liquefied petroleum gas (LPG) vessels, the company said in a statement on Monday.

With a cargo-carrying capacity of 217,000cbm each, the four LNG carriers have been operated and managed in-house by Nakilat’s ship management arm, Nakilat Shipping Qatar Limited (NSQL), since 2014. This is in addition to the other 10 LNG and 4 LPG carriers under NSQL management.

Nakilat CEO, Abdullah Al Sulaiti, said, “these vessels are chartered to our long-standing partner Qatargas, the world’s largest exporter of clean energy. Owning the vessels that we manage allows Nakilat to consolidate its fleet, provides greater operational flexibility and optimization of resources.”

Nakilat’s LNG shipping fleet is among the largest in the world, comprising of 14 Q-Max, 31 Q-Flex and 24 conventional vessels, including four newbuilds. The company also owns 4 liquefied petroleum gas (LPG) and one floating storage regasification unit (FSRU) as part of its fleet.