In a monumental move, QatarEnergy has solidified its position as a global leader in the liquified natural gas (LNG) industry by signing long-term time charter party agreements with four international shipowners. This marks the culmination of the second shipowner tender under the company’s LNG fleet expansion program.
QatarEnergy signed the agreements for the operation of six vessels by CMES LNG Carrier Investment, six vessels by Shandong Marine Energy, and three vessels by MISC Berhad. Samsung Heavy Industries in South Korea will construct all the vessels. As for the remaining four vessels, Kawasaki Kisen Kaisha (K-Line) and Hyundai Glovis will operate them jointly. Hanwha Ocean in South Korea will construct those four vessels.
The 19 conventional LNG vessels have a capacity of 174,000 cubic meters each. Moreover, QatarEnergy will equip them with the latest LNG shipping technologies as part of its ongoing efforts to achieve optimal fuel efficiency and reduce carbon emissions.
Milestone achievement
The agreements mark a significant milestone in QatarEnergy’s LNG fleet expansion program. They mark the conclusion of the conventional sizes vessels portion of the program, bringing the total number of ships to 104 vessels. Saad Sherida Al Kaabi, minister of state for energy affairs, president and CEO of QatarEnergy, described the program as a “massive undertaking that is the largest shipbuilding and leasing program ever in the history of the industry”.
These agreements will support QatarEnergy’s LNG production capacity from the North Field in Qatar and Golden Pass in the U.S. Moreover, they will help meet the company’s long-term fleet replacement requirements. “This is an important undertaking that will enable QatarEnergy to continue delivering cleaner energy to the world safely and reliably,” Al Kaabi added.
Read: Saudi Arabia’s ACWA Power inks $800 million deal with Senegal for desalination project
LNG fleet expansion program
Since 2022, QatarEnergy has signed long-term time charter party agreements for the operation of 104 conventional LNG vessels under its historic LNG fleet expansion program. This program has allowed the company to expand its operations and production capacity.
QatarEnergy’s affiliate QatarEnergy Trading will charter 43 out of the 104 ships. This marks the largest one-step ship acquisition program of any single entity in the history of the LNG industry. Moreover, it solidifies QatarEnergy and its affiliate’s position globally in becoming a leading global LNG trader.
For more news on energy, click here.
