Nakilat to Invest $11.5b in Fleet Expansion

Qatar Gas Transport Company (Nakilat) is investing $11.5b in its bid to become the largest owner of LNG/LPG tankers fleet by the end of the decade. The plan is to acquire 60 ships by 2010 to ferry liquefied natural gas and liquefied petroleum gas worldwide, Nakilat vice-chairman Faisal M Al-Suwaidi is quoted to have said in a report in the Gulf Times. While 46 tankers are meant for LNG transportation, the rest will be used for liquefied petroleum gas supply. As many as 25 LNG tankers will be of the Q-Flex category, while 21 liquefied natural gas tankers will be Q-Max. Q-Flex vessels have a cargo capacity ranging between 210,000cu m and 217,000cu m. On the other hand, Q-Max tankers have cargo capacities exceeding 260,000cu m.Shipbuilders require about 36 months to deliver vessels such as LNG tankers. Nakilat, which is listed on the DSM, would fully own 28 of the 60 tankers it plans to buy within the next three years. In the remaining ships, Nakilat will have an average stake of 54 per cent, Al-Suwaidi is quoted to have added in the report. Source: TradeArabia