A consortium of Asian shipping heavyweights has been awarded five more long-term time charter contracts for the LNG carriers that QatarEnergy has lined up under its huge shipbuilding project.
Partners MISC Berhad, NYK, K Line and China LNG Shipping will take up five of the newbuilding slots that QatarEnergy has lined up at China’s Hudong-Zhonghua Shipbuilding.
The five vessels bring the number of contracts the consortium has received from QatarEnergy to 12. Seven contracts for newbuildings lined up at South Korea’s Hyundai Heavy Industries were awarded back in August.
The 174,000-cbm LNG carriers are expected to be delivered commencing 2025 and will serve the needs of QatarEnergy in the transportation of LNG to various countries around the world, MISC said on Thursday.
MISC president and group chief executive Captain Rajalingam Subramaniam said: "We would like to thank QatarEnergy for their continuing trust and confidence in our joint capabilities and expertise in delivering safe, efficient and reliable LNG shipping solutions. We would also like to thank our consortium partners for the support and collaboration in making this award possible. We look forward to adding value to the partnership as we continue to play a progressive role in the global LNG shipping industry.”
“In this evolving energy industry, collaborative partnerships are vital to ensuring success in fulfilling the growing demand for energy and achieving sustainable value creation for all our stakeholders. As we navigate the evolving energy industry ahead, we will continue strengthening partnerships to continue to build a progressive, sustainable, and successful future,” he added.
QatarEnergy is in the process of establishing mammoth LNG carrier fleet made up of newbuildings that will be owned by shipowning partners who time charter them back to the Qatari company.
The bulk of these orders have been assigned to South Korean shipbuilders, although the Qatari company lined up building slots for 16 LNG carriers at Hudong-Zhonghua.
Participants in the project include some of the biggest names in LNG shipping, including JP Morgan, K3, Mitsui OSK Lines, Knutsen, Meiji Shipping, and TMS Cardiff Gas.
The project has soaked up slots at the major LNG shipbuilding yards, leaving other independent shipowners and project developers scratching around for berth space at a time when charter rates for LNG carriers have soared to record highs and the market is forecast to remain tight for tonnage for the next few years.
Qatar’s minister of state for energy affairs, Saad Sherida al-Kaabi, who is also president and chief executive of QatarEnergy, has said the number of vessels may grow to 100.
