QatarEnergy selects MOL and CSLNG for ownership and operation of six LNG vessels
QatarEnergy has made a significant move in its LNG fleet expansion program by choosing the joint venture of Mitsui O.S.K Lines (MOL) and COSCO Shipping LNG Investment (Shanghai) (CSLNG) to own and operate six QC-Max size LNG vessels. These vessels, the last batch of QatarEnergy’s 128-vessel shipbuilding program, will play a crucial role in meeting the company’s future LNG fleet requirements.
The six vessels will be constructed in China by Hudong-Zhonghua Shipbuilding Group, a subsidiary of China State Shipbuilding Corporation (CSSC). This collaboration between MOL, CSLNG, and CSSC signifies a strategic partnership that aims to deliver high-quality and efficient LNG vessels to meet QatarEnergy’s expanding needs.
Under long-term Time Charter Party (TCP) agreements signed with QatarEnergy, MOL and CSSC will take ownership and operate these vessels. This move further solidifies the partnership between QatarEnergy and the MOL-CSLNG joint venture, as they already have long-term TCP agreements in place for seven conventional LNG vessels, bringing the total number of long-term TCPs to 13 under QatarEnergy’s LNG fleet expansion program.
Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs and the President and CEO of QatarEnergy, expressed his satisfaction with the completion of the 128-vessel shipbuilding program. He emphasized the importance of these vessels in meeting QatarEnergy’s LNG expansion projects and replacing some of the existing fleet.
This strategic decision by QatarEnergy to select MOL and CSLNG for the ownership and operation of these six LNG vessels highlights the company’s commitment to building a modern and efficient LNG fleet to support its future growth and expansion in the LNG market.