Nakilat adds three more

Fleet continues to grow through joint venture.
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 The world’s leading LNG transporter Nakilat has added three new LNG vessels to its fleet through its joint venture Maran Nakilat Co. Ltd., which has closed US $807.4m of refinancing provided by Qatar Islamic Bank and Barwa Bank.

The refinancing deal was signed during a ceremony held in Doha this week.

The three new LNG carriers will be added to Maran Nakilat Co. Ltd., Nakilat's joint venture with Greek shipping company Maran Ventures Inc.

These new vessels increase the joint venture's total fleet from eight vessels to 11 and will be used in international trade, growing Nakilat's LNG fleet from 58 vessels to 61, and expanding Nakilat's total fleet, including both LNG and LPG carriers, from 62 vessels to 65.

Maran Nakilat Co. Ltd. has grown its fleet's capacity over three different stages. The initial fleet of four vessels had a cargo capacity of 580 thousand cubic-meters. The expanded fleet of 11 vessels now has a cumulative capacity of 1.7 million cubic meters. In June 2013 Nakilat also increased its ownership of the joint venture from 30 per cent to 40 per cent.

Eng. Abdullah Fadhalah Al Sulaiti, Managing Director of Nakilat, said the company is thankful for this excellent addition

“Refinancing and adding new ships to our fleet will definitely strengthen the role of Nakilat as a leader in the global gas transportation market. We are dedicated to the continual enhancement of Nakilat's position as the world's leading LNG shipping company and support from the State of Qatar's financial institutions enables us to achieve this goal.” Al Sulaiti said.

"We thank Maran, QIB and Barwa Bank for their continued and valued collaboration. Through these strong relationships, Nakilat is able to maintain the State of Qatar's prime position in the global LNG shipping market and to continue to capitalize on further opportunities for the growth of our great nation's marine transportation sector."

Commenting on the financing agreement, Bassel Gamal, QIB Group CEO, said QIB is proud of its strategic partnership with Nakilat.

“This agreement marks our third co-financing of the company in a span of two years; it bears witness to Nakilat's confidence in our capability to provide financial solutions that fulfill their financing needs and befit their expanding scope of activity," Gamal said.

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