Marine Link
Friday, September 30, 2016

Nakilat Seeks $2.5b for Tankers

July 5, 2007

Qatar Gas Transportation (Nakilat) is considering tapping the Islamic finance market as part of plans to raise $2.5b early next year to pay for tankers, Reuters said. The company has ordered 54 tankers to cope with growing global demand for its gas.

Nakilat considered borrowing in accordance Islamic law when it raised $4.3 billion in December but decided instead to use a mix of conventional bonds, loans and export credits. The company sold $1.15b of bonds maturing in 2033 to help pay for 16 tankers built by South Korea's Daewoo Shipbuilding & Marine Engineering, Samsung Heavy Industries Co. and Hyundai Heavy Industries Co., the world's biggest shipbuilder.

Nakilat needs $2.5b to pay for another nine tankers and if it exercises an option to buy two more, it would look to raise $3b by the end of the first quarter.

Sales of Islamic bonds, or sukuk, are surging on growing demand among the world's 1.2b Muslims for investments that comply with their beliefs, making it easier for companies to borrow larger amounts at longer maturities. All the ships will be delivered by February 2010. (Source: Reuters)



Maritime Reporter Magazine Cover Sep 2016 - Maritime & Ship Security

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News