Nakilat embarks on vessel acquisition drive to meet rising demand

Nakilat, a global leader in liquefied natural gas (LNG) shipping and maritime transportation, has embarked on "strategic" expansion through a significant vessel acquisition by placing order for six gas vessels to meet the increasing demand, thus cementing its position as a global leader in the gas shipping industry.
It has placed orders with Hyundai Samho Heavy Industries (HSHI) of South Korea for the construction of two LNG carriers with a cargo capacity of 174,000 cubic meters each and four modern very large LPG (liquefied petroleum gas/ammonia gas carriers) with a substantial cargo capacity of 88,000 cubic meters.
These modern vessels are set to be delivered between 2026 and 2027, said the company. Upon delivery, Nakilat's LNG fleet will expand to 71 vessels, and the LPG fleet will grow to eight with the addition of the four new vessels.
The greater fleet capacity and increased operational efficiency provide Nakilat,whose LNG carriers account for more than 10% of the global capacity, with a competitive edge as its expands its international shipping portfolio.
Nakilat's new LNG carriers and LPG carriers will embody the latest technologies, showcasing advanced environmentally friendly and efficient propulsion systems through fuel-saving devices, reinforcing Nakilat's commitment to sustainable and eco-conscious shipping solutions.
"Our investment in these advanced vessels reflects our ongoing commitment to delivering exceptional service and environmental stewardship. We strive to meet the increasing demand for safe, reliable, and eco-friendly transportation of gas, contributing to a more sustainable future," said Abdullah al-Sulaiti, Nakilat's chief executive officer.
This latest addition to Nakilat's ever-expanding fleet not only signifies an increase in capacity and flexibility for its customers, but also reinforces the company's pioneering role in the energy transportation sector.
Once these vessels are operational, they will further cement Nakilat's position as a global leader in the gas shipping and regasification industry.
S Y Park, president and chief operating officer of HD Hyundai Heavy Industries, said this opportunity will strengthen the ongoing partnership between two companies for the benefit of two countries.
"We affirm our full commitment to contribute the latest technologies and expertise to ensure safer and more efficient transportation," he said.
Highlighting its decades-long relationship with Nakilat, he said it is "looking forward to establishing a closer business link that will enable both parties to take the initiative in leading gas sector."
Nakilat’s move comes in the wake of Qatar approving expansion projects that would boost its LNG output by 64%, up to 126mn tonnes per year by 2027. QNB Financial Services (QNBFS) had said in a report that Nakilat could secure a "significant" share of the upcoming North Field ship contract awards.
QatarEnergy has already inked major LNG shipbuilding capacity agreements worth more than QR70bn with Chinese and South Korean companies to build more than 100 LNG vessels.