Qatar’s Nakilat orders LNG and LPG carriers in South Korea

Qatari LNG shipping giant Nakilat has placed orders worth about $955 million with South Korea’s Hyundai Samho for the construction of two LNG tankers and four LPG carriers.

S.Y. Park, president and COO of HD Hyundai Heavy Industries, and Nakilat’s CEO, Abdullah Al Sulaiti, signed the shipbuilding deal on January 9.

The LNG carriers will each have a capacity of 174,000 cubic meters, while the very large LPG/ ammonia gas carriers will each have a capacity of 88,000 cbm.

Nakilat will take delivery of these vessels between 2026 and 2027, but the company did not provide the price tag of the deal.

HD KSOE said in a filling to the stock exchange on January 10 that the entire order is worth about $955 million. It did not break down the price for just the LNG carriers.

The latest orders for LNG carriers at HD Hyundai’s yards were priced at about $265 million per vessel.

However, shipbuilding sources said that Nakilat most likely secured a lower price for these LNG carriers as VLGCs, VLACs are currently priced between $115-120 million.

71 LNG carriers

Upon delivery of the two new LNG carriers, Nakilat’s LNG fleet will expand to 71 vessels, while the LPG fleet will grow to eight vessels, it said.

In October 2021, Nakilat took delivery of the 173,400-cbm Global Sea Spirit, followed by the delivery of the 174,000-cbm Global Sealine in January 2022. Hanwha Ocean, previously known as DSME, built these vessels.

Nakilat’s fleet currently includes 24 conventional LNG carriers, 31 Q-Flex vessels (210,000-217,000 cbm), 14 Q-Max vessels (263,000-266,000 cbm), and also one FSRU.

The company’s LNG fleet has a combined carrying capacity of over 9 million cubic meters, or some 12 percent of the global LNG fleet carrying capacity, according to Nakilat.

(Article updated on December 10 to say that the entire order is worth about $955 million.)

Most Popular

South Korea’s Posco says first LNG carrier to start ops in H2

Posco International, a unit of South Korean steel producer Posco, plans to start shipping LNG with its first dedicated LNG carrier in the second half of this year.

Canada’s Cedar LNG names FLNG

Canada’s Cedar LNG, a joint venture of Canada’s Pembina Pipeline and the Haisla Nation, has picked a name for its floating LNG facility, which will be located in the traditional territory of the Haisla Nation, on Canada’s West Coast.

Wilhelmshaven LNG jetty ready to welcome Excelerate’s FSRU

Dutch marine contractor Van Oord announced on Monday it had completed the new jetty for its client, state-owned LNG...

More News Like This

South Korea’s Posco says first LNG carrier to start ops in H2

Posco International, a unit of South Korean steel producer Posco, plans to start shipping LNG with its first dedicated LNG carrier in the second half of this year.

HD Hyundai Heavy starts building Nakilat’s LNG carrier

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

Nakilat’s Q1 profit up 3.2 percent

Qatari LNG shipping giant Nakilat said its net profit increased 3.2 percent in the first quarter compared to last year.

HD Hyundai Samho secures LNG-powered containership order

South Korea’s HD Hyundai Samho has secured an order to build LNG-fueled container vessels.