Al-Sulaiti (centre) with Gamal and al-Subeai after signing the deal.
Nakilat has added some three new LNG vessels to its fleet through its joint venture Maran Nakilat Company, which has closed $807.4mn of refinancing provided by QIB and Barwa Bank.
The refinancing deal was signed during a ceremony held here yesterday and attended by senior representatives from Nakilat, QIB and Barwa Bank.
The contracts were signed by Abdullah Fadhalah al-Sulaiti, Nakilat managing director; Bassel Gamal, QIB Group CEO; and Khalid al-Subeai, Barwa Bank acting chief executive officer.
The three new LNG carriers will be added to Maran Nakilat Company, Nakilat’s joint venture with Greek shipping company Maran Ventures. 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 Company has grown its fleet’s capacity over three different stages. The initial fleet of four vessels had a cargo capacity of 580,000 cubic-metres. The expanded fleet of 11 vessels now has a cumulative capacity of 1.7mn cubic metres.
In June 2013, Nakilat also increased its ownership of the joint venture from 30% to 40%.
Al-Sulaiti said: “We are thankful for this excellent addition to our company, through refinancing and adding new ships to our fleet, which in turn, 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 the support from Qatar’s financial institutions enables us to achieve this goal.
“We thank Maran, QIB and Barwa Bank for their continued and valued collaboration. Through these strong relationships, Nakilat is able to maintain Qatar’s prime position in the global LNG shipping market and continue to capitalise on further opportunities for the growth of our great nation’s marine transportation sector.”
Gamal said: “We, at QIB, are proud of our 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 fulfil their financing needs and befit their expanding scope of activity.
“The signing of this agreement confirms the bank’s strategy and commitment to providing financial Islamic solutions that meet the requirements of its institutional and corporate clients, and its contribution in supporting the national companies in line with Qatar Vision 2030 to build a stronger economy.
“This partnership between QIB and Barwa Bank in financing is a testament of the strong co-operation between financial institutions in Qatar to support strategic projects.”
Al-Subeai said: “Barwa Bank is proud to have been chosen for this important refinancing transaction. The signing of this agreement confirms our strong relationship with corporates, which has enabled us, in a short time, to become the partner of choice for a number of major corporations such as Maran Nakilat Company. This transaction demonstrates our commitment to providing Shariah-compliant banking solutions that meet the requirements of our institutional and corporate clients, in addition to supporting the significant infrastructure and development projects in line with the Qatar National Vision 2030.”
Nakilat is a Qatari marine transport company providing the essential transportation link in Qatar’s LNG supply chain. Its LNG shipping fleet is the largest in the world, comprising some 61 LNG vessels.
Nakilat also manages and operates four large LPG carriers. Through two strategic joint ventures, Nakilat Keppel Offshore & Marine (N-KOM) and Nakilat Damen Shipyards Qatar (NDSQ), Nakilat operates the ship repair and construction facilities at Erhama Bin Jaber Al Jalahma Shipyard.