Milaha ups controlling stake in 2 LNG carriers to 100%

Milaha-owned Qatar Shipping Company has increased its controlling stake in two LNG carriers to 100%.
Photo for illustrative purposes only.
Photo for illustrative purposes only.
Milaha-owned Qatar Shipping Company has increased its controlling stake in two LNG carriers to 100%.
Milaha-owned Qatar Shipping Company has increased its controlling stake in two LNG carriers to 100%.

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Milaha’s wholly owned subsidiary, Qatar Shipping Company, has acquired the remaining 60% interest in each of the two entities that own the LNG tankers, Milaha Ras Laffan and Milaha Qatar, the company said in a statement.

The shares were acquired from Société Générale, thereby increasing its stake in those entities from 40% to a controlling 100%.

The vessels are chartered to RasGas under a 25 year long-term fixed time charter agreement. Milaha Ras Laffan and Milaha Qatar have approximately 14 years and 16 years remaining, respectively, under the time charter agreement.

Both vessels were built by Samsung Heavy Industries. Milaha Ras Laffan was built in 2004 with a capacity of 138,273 cbm while Milaha Qatar was built in 2006 with a capacity of 145,602 cbm.

“This transaction reflects our disciplined execution of our long term strategy of investing in core businesses,” says Sheikh Ali bin Jassim Al Thani, chairman of Milaha. “We have a strong momentum and believe that we can sustain our growth and continue to execute on our strategy.”

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