EMEA News
LNG Shipper Gets $662m Fleet Expansion Loan
Maran Nakilat Co Ltd, a joint venture between Nakilat and Maran Ventures Inc, has secured Islamic refinancing worth $662.4 million with Qatar Islamic Bank (QIB) and Barwa Bank.
In an announcement made by QIB, the bank said that the funds would be used to expand the joint venture's fleet of liquified natural gas (LNG) carriers from four vessels to six, while Nakilat, the name by which the Qatar Gas Transport Company is known, will increase its ownership of the joint venture as part of the deal.
The two new vessels were reported to already be under construction in Korea and are scheduled for delivery in 2014.
"Nakilat’s financial strength allows us to expand our business and to further cement Nakilat’s leadership position in the global LNG transportation industry," says Nakilat Managing Director Muhammad Ghannam.
"With the refinancing of Maran Nakilat Co. Ltd. we are proud to increase Nakilat’s total fleet from 54 LNG vessels to 56."
"The expansion of our fleet is evidence of Nakilat’s strong bond with our partner Maran Ventures Inc., a premier player in the LNG shipping industry, and we thank Maran for their invaluable cooperation."
The Gulf Daily News reported that Nakilat signed a $917m loan refinancing deal with Qatar National Bank earlier this month, and is due to post second-quarter earnings on July 14.
