Nakilat Becomes Full Owner of Four Q-Flex LNG Carriers

NakilatIllustration; Image Courtesy: Nakilat

Qatari LNG transport company Nakilat has taken the full ownership of four Q-Flex LNG carriers from its joint-venture partner, International Seaways (INSW).

The move follows the execution of a sale and purchase agreement for the acquisition of the remaining 49.9% ownership interest in these vessels from the US-based tanker company INSW.

The LNG carrier quartet has been sold to Nakilat for USD 123 million in cash, International Seaways said in a separate statement.

“This important transaction positions INSW to further our capital allocation strategy. Following our success growing and renewing our fleet, deleveraging and returning cash to shareholders remain our top priorities,” Jeff Pribor, CFO of INSW, explained.

As informed, the acquisition brings the total number of vessels wholly-owned by Nakilat to 29 LNG vessels, out of the company’s overall fleet of 74 LNG and LPG vessels.

With a cargo-carrying capacity of 217,000 cbm each, the four LNG carriers — Tembek, Al Hamla, Al Gattara, Al Gharrafa — 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.

“The 100% ownership acquisition of these four vessels comes as part of Nakilat’s long-term strategy to capitalize on such strategic investment opportunities,” Abdullah Al Sulaiti, Chief Executive Officer of Nakilat, commented.

“These vessels are chartered to our long-standing partner Qatargas… 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 comprises 14 Q-Max, 31 Q-Flex and 24 conventional vessels — including four newbuilds. The company also owns four LPG and one FSRU unit.

Share this article

Follow World Maritime News

In Depth>


<< Jan 2020 >>
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

The 9th Annual Event Green Shiptech China Congress 2020

The 9th Annual Event- Green Shiptech China Congress 2020 will be held on next…

read more >

Maritime Reconnaissance and Surveillance Technology

As varied threats in the Mediterranean Sea continue to proliferate, the need to advance…

read more >


Forum you will find out from the regulators, government bodies and major ports’ representatives what the near…

read more >

7th Annual Arctic Exchange

Every year the Exchange invites delegates from across the globe to come together to listen to key senior management teams…

read more >