QatarEnergy’s historic fleet expansion program hits 104 conventional LNG vessels

English , Qatar - قطر , Snippets , / Sunday, March 31st, 2024

 

 

 

QatarEnergy Expands LNG Fleet with 19 Ultra-Modern Vessels

In a significant development, QatarEnergy has finalized long-term time charter party agreements with four international shipowners for 19 state-of-the-art conventional size LNG vessels. These agreements mark a milestone in QatarEnergy’s LNG fleet expansion program, bringing the total vessels under TCPs to 104.

Operated by CMES LNG Carrier Investment Inc., Shandong Marine Energy (Singapore) Pte Ltd., MISC Berhad, and a joint venture of Kawasaki Kisen Kaisha Ltd. (K-Line) and Hyundai Glovis Co. Ltd., these vessels support QatarEnergy’s expanded LNG production capacity from the North Field in Qatar and Golden Pass in the U.S. Constructed at Samsung Heavy Industries and Hanwha Ocean in South Korea, they are crucial for meeting long-term fleet replacement requirements.

Minister of State for Energy Affairs and President/CEO of QatarEnergy, Mr. Saad Sherida Al-Kaabi, praised the signings as significant achievements. They reflect QatarEnergy’s commitment to expanding its modern LNG fleet in collaboration with esteemed shipowners, ensuring safe and reliable energy delivery worldwide.

Initiated in 2022, this initiative is vital for supporting QatarEnergy’s LNG production expansion and affirming its role as a leading global LNG trader. With 43 vessels chartered by QatarEnergy Trading, the entity emerges as a key player in the global LNG market.

Equipped with the latest LNG shipping technologies, the 19 vessels each boast a capacity of 174,000 cubic meters, aligning with QatarEnergy’s sustainability goals. Their construction at leading South Korean shipyards underscores QatarEnergy’s focus on quality and reliability.

The signing ceremony, held at QatarEnergy’s Doha headquarters, emphasized collaboration between QatarEnergy and its maritime partners. Senior executives from QatarEnergy, QatarEnergy LNG, and the shipowner companies attended, highlighting collective efforts to advance the global LNG market.

Minister Al-Kaabi expressed gratitude to His Highness Sheikh Tamim bin Hamad Al Thani, the Amir of Qatar, for his support, and thanked the teams involved in vessel acquisition and leasing. He emphasized the role of these vessels in delivering cleaner energy safely, contributing to Qatar’s economic growth and global energy security.

Overall, QatarEnergy’s LNG fleet expansion signifies a significant step in meeting global clean energy demand, reinforcing Qatar’s position as an LNG industry leader.

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