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QATAR EMERGES AS STRATEGIC SHIPPING AND MARITIME HUB
3/12/2020 12:00:00 AM

By expanding the size of its fleet, entering into joint ventures agreements, Nakilat has reinforced its position as a global leader in energy transportation and maritime services in 2019, Dr. Mohammed bin Saleh Al Sada, Chairman of Nakilat Board said yesterday.

Addressing the Annual General Meeting of Nakilat yesterday, the Chairman noted that Nakilat currently stands out with a fleet strength of 74 vessels, comprising of the world’s largest fleet with 69 LNG carriers, one Floating Storage Regasification Unit (FSRU) and four large LPG carriers. The majority of Nakilat’s vessels are fixed with long term world class charterers, securing steady and healthy cash flow for the company. Through its in-house ship management, Nakilat operates and manages 18 vessels comprising of 14 LNG and four LPG carriers, he said.

In line with Qatar’s ambition to enhance the resilience of its energy sector supply chain and Nakilat’s business diversification strategy, Nakilat entered into a joint-venture agreement with international service-provider McDermott, to establish Qatar Fabrication Company (QFAB). The establishment of this new joint-venture will further complement Nakilat’s existing range of maritime services.

Dr. Al Sada said Nakilat’s integrated shipping and maritime operations has contributed towards developing Qatar as a strategic shipping and maritime hub.

Highlighting the achievements of Nakilat’s joint-ventures in 2019, Dr. Al Sada said the Erhama Bin Jaber Al Jalahma Shipyard surpassed its 1,000th project milestone since establishment in 2010. Nakilat-Keppel Offshore & Marine (N-KOM) marked its 200th LNG carrier repair and delivered the largest topside fabricated in Qatar for QP’s Bul Hanine project. NSW has undertaken 13,550 tug jobs in 2019, a 1.5 percent increase from 2018 and NAC commenced its global hub agency service and attended to a total of 4,600 vessel calls locally and internationally in 2019, he said.

Abdullah Al Sulaiti, Chief Executive Officer, Nakilat said that after expanding its international presence with a larger fleet, Nakilat is working to take on greater ship management responsibilities in the coming period, as Nakilat steadily consolidate into a fully-fledged shipping and maritime company. “The agreement signed with Maran Ventures for four new-build LNG Carriers will not only enhance the capacity of four fleet, but will strengthen our vessel management and market capabilities for the world’s largest LNG fleet.”

The full ownership acquisition of four Q-Flex LNG carriers that Nakilat currently manages will provide greater operational flexibility and optimization of resources, providing greater value to our customers.

Al Sulaiti said Nakilat is always on the lookout for potential business partnerships and collaborations that would strengthen its portfolio and generate positive return for the shareholders. “Our local ventures continue to value-add to our maritime operations and contribute towards the establishment of an integrated maritime industry in Qatar. The successful completion of one of the most complex offshore projects undertaken at the Erhama Bin Jaber Al Jalahma Shipyard to date, marked a historical milestone for Nakilat-Keppel Offshore & Marine (N-KOM).Made with pride in Qatar, the 877-tonne topside fabricated by N-KOM is the first and largest to be constructed locally.”

With its solid foundations, Nakilat has gained growth momentum to propel it forward from good to great in the coming years. “The future holds such promise for Nakilat and we are confident in continuing to deliver value for our shareholders while bringing the company to greater heights,” he said.

Source: Hellenic Shipping

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