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    Qatar's Nakilat Takes Full Control Over 4 LNGC

Summary

Nakilat will raise its ownership to 100% for $123mn in cash.

by: Joseph Murphy

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Qatar's Nakilat Takes Full Control Over 4 LNGC

Qatari shipping company Nakilat has taken over full control of four Q-Flex LNG carriers from its joint venture with global tanker operator International Seaways.

Nakilat has bought a 49.9% stake in the joint venture from International Seaways for $123mn in cash, the pair said in statements on October 7. The deal brings the total number of LNG vessels in Nakilat’s fleet to 29.

The acquisition is part of Nakilat's “long-term strategy to capitalise on such strategic investment opportunities,” CEO Abdullah Al Sulaiti commented. “Owning the vessels that we manage allows Nakilat to consolidate its fleet, provides greater operational flexibility and optimisation of resources, leading to the realisation of cost savings with minimal risks and strengthens our customer focus.

The 217,000-m3 tankers are chartered by Qatargas and have been managed by Nakilat’s ship management arm since 2014. International Seaways said the transaction would create shareholder value and strengthen its balance sheet.