Qatar’s LNG fleet expansion coming along as Hanwha cuts steel for 8 newbuilds

South Korea’s shipbuilder Hanwha Ocean has hosted a steel-cutting ceremony for eight new liquefied natural gas (LNG) carriers being built as part of QatarEnergy’s historic LNG fleet expansion project. The vessels will be owned and operated by Qatar Gas Transport Company (Nakilat), the country’s shipping and maritime player.

According to the vessels’ operator, the event was attended by senior officials from Nakilat, Hanwha Ocean, and international financial institutions. This marked the start construction phase for eight of a total of 25 conventional-size vessels with a capacity of 174,000 cubic meters.

Abdullah Al-Sulaiti, Chief Executive Officer of Nakilat, said: “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 will own and operate under the vessels under a deal with QatarEnergy announced in February 2024 and inked a month later. The carriers will be chartered to QatarEnergy affiliates under long-term agreements.

A six-vessel order placed with China State Shipbuilding Corporation (CSSC) in September 2024 brought the Qatari giant’s tally of vessels forming part of the new fleet to 128.

Three months later, QatarEnergy inked long-term time charter party (TCP) agreements for six QC-Max size LNG vessels with the joint venture (JV) between Mitsui O.S.K Lines Ltd. (MOL) and COSCO Shipping LNG Investment (Shanghai) Co. Ltd. (CSLNG).

In addition to working on increasing its LNG fleet, the Qatari firm is developing the Golden Pass LNG terminal export project in Sabine Pass, Texas, with ExxonMobil as partner. Thanks to an LNG export permit extension secured last week, the terminal is on track to start exports next year.