Marine Log

March 30, 2006

Nakilat to order world's largest LNG carriers

Qatar Gas Transport Company Ltd. (Nakilat) is to order six QMax LNG carriers of 265,000 cu. m capacity each. These will be the largest LNG carriers thus far--about 25% greater capacity than any other ships currently on order.

Nakilat has been awarded 25 year timecharters for the vessels. by Qatar Liquefied Gas Company limited  (II)(QGII).

The ships are to be built by Korea's Daewoo Shipbuilding and Marine Engineering and Samsung Heavy Industries. QGII intends to use the vessels to transport LNG from its train numbers 4 and 5, which will each have a production of 7.8 Million tons/year.'

The vessels will be placed on long term charter to QGII beginning mid-2008, and their delivered cost will reportedly be approximately US $300 million each.

UAE-based AME Info quotes Muhammad Ghannam, QGTC's Acting Managing Director, sa saying: "We see the six QMax ships for QGII as the beginning of a series of additional vessels we hope to be ordering over the next 8-10 months for other Qatar LNG ventures.

The ships will be powered by twin slow speed diesel engines and will have full scale on-board re-liquefaction plants.