QatarEnergy’s “historic” fleet expansion program reaches 104 LNG vessels
(WO) – QatarEnergy signed long-term time charter party (TCP) agreements with four international shipowners for the operation of 19 new, ultra-modern conventional size LNG vessels, as part of the second ship-owner tender under QatarEnergy’s historic LNG fleet expansion program.
The agreements cater for the operation of six vessels by CMES LNG Carrier Investment Inc., six vessels by Shandong Marine Energy (Singapore) Pte Ltd., and three vessels by MISC Berhad; all of which are being constructed at Samsung Heavy Industries in South Korea.
The remaining four vessels will be operated by a joint venture of Kawasaki Kisen Kaisha Ltd. (K-Line) and Hyundai Glovis Co. Ltd. and are being constructed at Hanwha Ocean (formerly Daewoo Shipbuilding & Marine Engineering) also in South Korea.
Commenting on this occasion, His Excellency Mr. Saad Sherida Al-Kaabi said, “Today’s signings form a significant milestone in QatarEnergy’s LNG fleet expansion program, as it marks the conclusion of the conventional sizes vessels portion of program, bringing the total number of ships for which we have signed TCPs to 104 vessels, a massive undertaking that is the largest shipbuilding and leasing program ever in the history of the industry. These ships will support our expanded LNG production capacity from the North Field in Qatar and Golden Pass in the U.S., while also meeting our long-term fleet replacement requirements.”
His Excellency Minister Al-Kaabi added, “We are very proud to strengthen our collaboration with these esteemed shipowners. And, we have full confidence that the 19 vessels will be operated with the latest and most advanced safety, technical and environmental standards. This is an important undertaking that will enable QatarEnergy to continue delivering cleaner energy to the world safely and reliably.
Since 2022, QatarEnergy has signed a series of TCPs for the long-term charter and operation of 104 conventional LNG vessels, as part of its historic LNG fleet expansion program. This initiative will support QatarEnergy’s expanding LNG production capacity from the North Field LNG expansion and Golden Pass LNG export projects, as well as meeting its long-term fleet replacement requirements.
43 ships out of the 104 will be chartered by QatarEnergy’s affiliate “QatarEnergy Trading”, marking it the single largest one-step ship acquisition program of any single entity in the history of the LNG industry, and placing QatarEnergy and consequently QatarEnergy Trading firmly on the road to becoming a leading global LNG trader.
The 19 conventional LNG vessels have a capacity of 174,000 m3 each and will be equipped with the latest LNG shipping technologies to achieve optimal fuel efficiency and reduce carbon emissions.
