Nakilat, KEXIM launch first financing package for 25 LNG carriers

Nakilat said in a statement on Sunday that this initial financing launch follows the signing of a memorandum of understanding (MOU) between the duo and marks a “significant” milestone in the company’s strategic growth and international collaboration.

Nakilat did not provide further details regarding the fianancing.

According to Nakilat, the partnership represents a “pivotal” step in its long-term strategy to expand its fleet with LNG carriers, and to support QatarEnergy’s historic LNG shipbuilding program and its LNG expansion project.

The agreement underscores the strong economic ties between Qatar and the Republic of Korea, while enabling Nakilat to secure financing for the construction of new vessels at leading Korean shipyards, it said.

The firm noted that this collaboration also builds on a strong precedent, as KEXIM was the initial financier for Nakilat’s first round of fleet financing in 2006, which included 25 LNG carriers.

With the vessels being constructed in Korea, securing the initial financing package from KEXIM positions the project as a full-cycle, government-backed export finance initiative, reinforcing its credibility and attractiveness to investors, it said.

LNG fleet

In May, South Korean shipbuilder HD Hyundai Heavy Industries officially started building Nakilat’s first of 17 LNG carriers as part of an order placed last year.

Last year, state-run LNG giant QatarEnergy signed time charter agreements with Nakilat for 25 conventional-size LNG carriers as part of the second phase of its shipbuidling program.

The remaining eight vessels are being constructed at South Korea’s Hanwha Ocean, formerly Daewoo Shipbuilding & Marine Engineering.

In March, Hanwha Ocean started building Nakilat’s first of eight LNG carriers.

In addition to these 174,000-cbm vessels, QatarEnergy also signed a time charter and operation agreement with Nakilat for nine 271,000-cbm LNG carriers.

The nine QC-Max vessels will be constructed at China’s Hudong-Zhonghua.

Nakilat has 36 LNG carriers and four LPG/ammonia carriers on order.

The total vessel count in the company’s fleet will reach 114 once all the vessels are delivered, including 105 LNG carriers.