The four LNG vessels under construction in South Korea would have 173,400 m3 of cargo capacity

Qatar-based marine firm Nakilat has announced that it has formed a new joint venture with the shipping company Maran ventures. Reportedly, the new joint venture will be called Global Shipping in which 60 percent stake will be owned by Nakilat and remaining 40 percent by Maran Ventures.

As reported by Gulf Times, there will be four vessels under the new joint venture which are under construction in South Korea. These four vessels will be managed and marketed by Nakilat. This will increase number of Nakilat’s LNG carrier fleet to 74 which is 11.5 percent of LNG carrier fleet capacity in the world.

Abdullah Al Sulaiti, Chief Executive, Nakilat, reportedly said that Nakilat’s fleet capacity will expand with the new agreement to meet increasing demand for clean energy. He further added that the company has expected a positive effect on charter rates with the significant growth in demand for LNG shipping.

Al Sulaiti also said that there have been significant shifts in management and vessel technology and that both the companies have taken these shifts into consideration.

John Angelicoussis, Chairman, Maran Ventures, stated that Maran Ventures has been partnering with Nakilat from many years and the company is pleased to strengthen business relations with Nakilat.

The four vessels which are under construction in South Korea would have 173,400 m3 of cargo capacity. These vessels will be equipped with today’s most advanced technologies. Two vessels out of these four will feature ME-GI main engines, and other two will feature X-DF propulsion systems.

Both the companies already have an existing JV named Maran Nakilat with 15 carriers in its fleet.

For the record, Nakilat, founded in 2004, is a marine company which provides vital transportation link in the State of Qatar’s LNG supply chain. Reportedly, the company has the largest shipping fleet in the world.