QatarEnergy Expands LNG Fleet with Hanwha Ocean

South Korea’s shipbuilder Hanwha Ocean recently hosted a steel-cutting ceremony for eight new liquefied natural gas (LNG) carriers as part of QatarEnergy’s LNG fleet expansion project. These vessels, owned and operated by Qatar Gas Transport Company (Nakilat), signify a significant milestone in Qatar’s maritime industry.

The ceremony, attended by officials from Nakilat, Hanwha Ocean, and international financial institutions, marks the beginning of the construction phase for eight conventional-size LNG carriers with a capacity of 174,000 cubic meters.

Abdullah Al-Sulaiti, CEO of Nakilat, expressed his enthusiasm for the project, stating, “These vessels incorporate the latest advanced technologies, ensuring enhanced operational efficiency and higher reliability while adhering to global environmental standards. As we continue to strengthen our position as a global leader in shipping and maritime services, we remain focused on delivering excellence.”

Nakilat’s agreement with QatarEnergy, announced in February 2024 and finalized a month later, includes the ownership and operation of the vessels, which will be chartered to QatarEnergy affiliates under long-term agreements.

With a recent order of six vessels from China State Shipbuilding Corporation (CSSC), QatarEnergy’s fleet now totals 128 vessels. Additionally, the company signed long-term time charter party (TCP) agreements for six QC-Max size LNG vessels with a joint venture between Mitsui O.S.K Lines Ltd. (MOL) and COSCO Shipping LNG Investment (Shanghai) Co. Ltd. (CSLNG).

Aside from expanding its LNG fleet, QatarEnergy is also working on the Golden Pass LNG terminal export project in Sabine Pass, Texas, in partnership with ExxonMobil. Following a recent LNG export permit extension, the terminal is set to commence exports next year, further solidifying Qatar’s presence in the global LNG market.