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 Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Tankers Switch to Digital Navigation

In July 2015 international regulation requires all tankers to be compliant with IMO rules for the use of ECDIS and ENCs. As many shipping companies start planning

Tanker Demand Picks-up in Canada

Canada’s role in the oil industry has changed dramatically in recent years driven by synthetic crude oil production in the oil sands of Alberta.   New plans for Energy East,

Stena Sonangol Suezmax Pool Rings in 10 Years

Stena Sonangol Suezmax Pool celebrates 10 years of collaboration and trading.   The 10th anniversary celebrations took place in London on May 20. Today on May 26 it is Houston’s turn and,

Navy

HHI Launches Korea’s Second Minelayer

Shipbuilder Hyundai Heavy Industries (HHI) launched the second minelayer, MLS-II Nampo, for the Korean Navy.   In attendance at the MLS-II launching ceremony were Baek Seung-joo,

Philippine, Vietnamese Troops Together on Disputed Island

Vietnamese and Philippine troops played soccer and sang karaoke on a South China Sea island on Wednesday in a sign of the growing security ties between the two

Hundreds Rally in Myanmar over "boat people" Crisis

Hundreds of protesters marched through the streets of Myanmar's largest city of Yangon on Wednesday to denounce foreign criticism of the country's treatment of stateless Rohingya Muslims.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.1101 sec (9 req/sec)