Nakilat adds to fleet through new JV with Angelicoussis
Doha, Qatar, based Nakilat (Qatar Gas Transport Company) is again adding to its LNG carrier fleet through a new joint venture with long time partner Maran Ventures, the LNG ship-owning arm of
Qatar
Nakilat reports increased quarterly profits
FEBRUARY 25, 2018 — Doha, Qatar, headquartered Nakilat (Qatar Gas Transport Company) has announced its financial results for the year ended December 31, 2017, with a net profit of QR 847 million
Nakilat retrofits QMax’s main engines to LNG fueling
The project involved retrofitting two MAN B&W S70ME-C HFO-burning engines in the chartered Q-Max vessel Rasheeda with gas-burning M-Type Electronically Controlled – Gas Injection (ME-GI) Systems, which have now been successfully commissioned.
The retrofit modification meets all current and foreseen global emissions regulations.
Nakilat-Keppel Offshore & Marine (N-KOM) carried out the conversion at its Erhama bin Jaber Al Jalahma Shipyard facilities in the major Qatari port of Ras Laffan Industrial City.
The project collaborators, including MAN PrimeServ, installed the ME-GI system on the vessel at the shipyard in June 2015. The partner for the ME-GI fuel supply system is TGE Marine Gas Engineering GmbH,
Christian Ludwig, Head of Retrofit and Upgrades, MAN PrimeServ, said: “This is a fantastic milestone in our company’s history. It is a lighthouse project, and there has been a remarkable partnership and cooperation through this historic conversion. Our ME-GI order book now stands at 140 orders – for different vessel sizes and applications, which we see as a compelling case for our technology to be designated the industry standard.”
Nakilat Managing Director Eng. Abdullah Al-Sulaiti, said, “The success of the ME-GI project is the culmination of years of cooperation with Qatargas, RasGas and MAN Diesel & Turbo as turnkey project manager. In late 2013, Nakilat worked with our charterers to implement a pilot conversion on Q-Max Rasheeda, the first retrofit ME-GI project ever to be implemented in the marine industry. This is a milestone moment for all involved parties.”
MAN Diesel & Turbo reports that the vessel’s ME-GI units have displayed a seamless change between fuel-oil and gas operation – a key characteristic of the ME-GI technology.
The Qatar fleet comprises 14 Q-Max and 31 Q-Flex LNG carriers, all using dual MAN Diesel Turbo’s S70-ME low-speed diesel engines for propulsion.
THE ME-GI ENGINE
The ME-GI engine gives shipowners and operators the option of utilizing oil or gas fuel depending on relative price and availability, as well as environmental considerations.
The ME-GI uses high-pressure gas injection, allowing it to maintain the attributes of MAN B&W low speed engines that have made them the default choice of the maritime community.
The ME-GI is not affected by the derating, fuel-quality adjustment or methane-slip issues that have been seen with other dual-fuel solutions.
MAN Diesel & Turbo sees significant opportunities for gas-fueled tonnage as fuel prices rise and exhaust-emission limits tighten. Research indicates that the ME-GI engine delivers significant reductions in CO2, NOx and SOx emissions, with its negligible methane slip makes it the most environmentally friendly technology available.
An ME-LGI counterpart that uses LPG, methanol and other liquid gases is also available and has already been ordered.
World’s largest LNG fleet owner reports increased profits
It said the results reflected its “strategic development, the success of its joint ventures, and the company’s resilience in the challenging economic climate.”
The Nakilat board said that Nakilat is in an enviable position as its ships are on long-term charter hire contracts that are not impacted by temporary fluctuations in oil prices. The board also affirmed its continued commitment to Nakilat’s growth and development strategy, in line with Qatar’s National Vision 2030.
“Nakilat continues to show robust profits and growth,” said Managing Director Eng. Abdullah Al Sulaiti. “Despite regional challenges, our policy of making prudent investments for achieving higher economic benefit in the short and long-term, and seeking sustainable growth opportunities continues to work in our favor. We have also lowered our operating costs, and our financing costs are decreasing as we have repaid a suitable amount of our loans.”
Mr. Al Sulaiti added: “We have also seen increased profits from our joint ventures, particularly since the launch of new two vessels during the year, along with an additional five vessels that became fully operational. Nakilat’s place as the lynchpin in the Qatari marine services sector will continue to grow unabated.”
Credit rating agency Standard & Poor’s (S&P) has reaffirmed Nakilat’s senior debt credit rating at “AA-” with a stable outlook, which Nakilat says is indicative of its strong capability to meet its financial commitments.
In addition to owning 63 LNG vessels Nakilat also manages and operates four large LPG carriers via two strategic joint ventures: N-KOM and NDSQ. It also operates the ship repair and construction facilities at Erhama Bin Jaber Al Jalahma Shipyard in Ras Laffan Industrial City and offers a full range of marine support services to vessels operating in Qatari waters.
Who’s the top valued LNG shipping company?
AUGUST 17, 2015—What company has the Highest Value Whole Gas (either LNG or LPG) shipping fleet? According to VesselsValue.com, that honor belongs to Teekay LNG Partners, with 37 vessels and a capacity