Register for a free trial
Social
LNG World Shipping

LNG World Shipping

Two major LNG carrier owners form joint venture

Wed 27 Mar 2019 by John Snyder

Two major LNG carrier owners form joint venture
A powerful partnership: Nakilat chief executive Abdullah Al Sulaiti and Maran Ventures chairman John Angelicoussis

Qatar’s Nakilat will control 11.5% of the world LNG carrier fleet's capacity following a new joint venture with John Angelicoussis-led Maran Ventures Inc.

The newly established joint venture (JV), Global Shipping Company Ltd, will control four newbuild LNG carriers currently under construction in South Korea.

Under the agreement, Nakilat will have a 60% stake in the JV and Maran Ventures the remaining 40%. With four LNGCs in the new JV, the number of Nakilat vessels will effectively increase to 74.

Nakilat chief executive Abdullah Al Sulaiti said the agreement would expand Nakilat’s fleet with additional capacity to meet the growing international demand for clean energy. “This has subsequently led to a significant increase in demand for LNG shipping, which we hope will have a positive effect on charter rates,” said Mr Al Sulaiti. The four new LNGCs will be managed and marketed by Nakilat.

Maran Ventures chairman John Angelicoussis said, “Nakilat has been one of our strategic partners for many years and we are pleased to be strengthening our relationship with them.” Additional collaboration between the two companies was possible in the future, Mr Angelicoussis said.

Mr Angelicoussis’ Maran Gas has been expanding its fleet with the anticipated increased demand for LNG shipping. It has ordered three LNGCs each with a capacity of 173,400 m3 from Daewoo Shipbuilding and Marine Engineering this year.

Mr Al-Sulaiti added, “We have seen a shift in terms of management and vessel technology in the industry, which we have taken into consideration.” He pointed to the four LNGCs currently under construction in South Korea, each with a cargo carrying capacity of 173,400 m3. Two of the ships are equipped with MAN Energy Solutions’ ME-GI main engines and the other two with WinGD’s X-DF technology.

There was no comment yet available from Nakilat regarding which LNG carriers would be included in the JV.

Recent whitepapers

Related articles

 

 

 

 

Knowledge bank

View all