Nakilat Seeks $2.5b for Tankers

Thursday, July 05, 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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Top 10 Shipowning Nations by Value

VesselsValue has provided a list ranking the top shipowning nations by value, including the percentage change difference against 2015 figures. Although the

2016 a Busy Year for VLCC Deliveries - BIMCO

When it comes to delivering brand new VLCCs from shipyards in South Korea and China to owners and investor across the globe, 2016 is off to a flying start. Six

U.S. Okays ConocoPhillips Alaska LNG Exports

The U.S. Department of Energy approved ConocoPhillips' application to export about 40 billion cubic feet of natural gas from its Kenai liquefied natural gas export

Navy

Vietnam Gets Fifth Submarine from Russia

The fifth of the six Kilo-class submarines that Vietnam purchased from Russia has arrived at Cam Ranh Bay, Thanh Nien news reported.   The submarine, which was

US Contract for Next Generation Nuclear Sub Planning Program

The US Navy has awarded General Dynamics Electric Boat a $23.6 million contract to continue development work on the Ohio-class replacement nuclear submarine, General Dynamics said in a press release.

Pentagon: Cut in LCS Ship Program 'Not an Indictment'

U.S. Deputy Defense Secretary Robert Work said the Pentagon's plan to truncate the Littoral Combat Ship program at 40 ships instead of 52 reflected budget pressures

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pipelines Pod Propulsion Port Authority Ship Electronics Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0654 sec (15 req/sec)