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

Crowley Christens 2nd LNG-ready Product Tanker

Crowley christens second of four newly built, LNG-ready product tankers for use in U.S. coastwise trade   Crowley Maritime Corp. has christened the second of

Canada Says Lifting Some Sanctions Against Iran

The Canadian government said on Friday it was lifting some sanctions against Iran, including the broad ban on financial services, imports and exports, making Canadian

Glencore to Lift Iranian Fuel Oil at Bandar Mahshahr

Anglo-Swiss commodity trader Glencore has chartered a ship to load Iranian fuel oil at the Iranian port of Bandar Mahshahr in a move that signals the return of

Navy

Antietam, McCampbell Build Relationships at IFR 2016

Ticonderoga-class guided-missile cruiser USS Antietam (CG 54) and Arleigh Burke-class guided-missile destroyer USS McCampbell (DDG 85) arrived Feb. 4 in India

Indian Navy Shows Off Strength

India’s naval might was on full display off the coast of Visakhapatnam today (Saturday) as President Pranab Mukherjee reviewed the naval fleet.   Mukherjee,

Russia Confirms Tanker Seized by Niger Delta Militants

Russia’s embassy in Nigeria confirmed on Thursday that the Greek-owned oil tanker Leon Dias has been hijacked in the Gulf of Guinea, reports TASS.   There are

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Offshore Oil Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators 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: 0.0884 sec (11 req/sec)