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QatarEnergy Signs Contract For 6 Most Advanced LNG Carriers In The Industry
QatarEnergy has signed a long-term Time Charter Party (TCP) agreement for six QC-Max LNG carriers with a joint venture between China’s COSCO Shipping LNG Investment (CSLNG) and Japan’s Mitsui O.S.K. Lines (MOL).
This deal concludes the company’s historic shipbuilding program, which has resulted in a fleet of 128 advanced LNG carriers.
The six QC-Max carriers will be constructed by Hudong-Zhonghua Shipbuilding Group, a subsidiary of China State Shipbuilding Corporation (CSSC), in China.
These ultra-modern vessels are designed for greater fuel efficiency, reduced emissions, and advanced technology to support the company’s growing LNG export and fleet replacement requirements.
At a ceremony held in Doha, His Excellency Mr. Saad Sherida Al-Kaabi, Minister of State for Energy Affairs and President and CEO of QatarEnergy, announced the final contracts.
Senior executives from MOL, COSCO Shipping, and QatarEnergy were present at the event.
The Minister said that the new vessels are a significant addition to QatarEnergy’s LNG fleet expansion program, which is essential for meeting future production goals.
QatarEnergy’s shipbuilding program includes 104 conventional LNG carriers and 24 QC-Max vessels.
The QC-Max ships are the largest of their kind, each capable of carrying approximately 271,000 cubic meters of LNG. These ships measure 344 meters in length and have a draft of 12 meters, allowing them to access most global ports.
Hudong-Zhonghua Shipbuilding had already received orders earlier this year for 18 QC-Max vessels. The latest six ships bring the total QC-Max orders to 24, with delivery expected between 2023 and 2031.
This shipbuilding initiative began in 2020 when QatarEnergy secured the largest-ever shipbuilding reservation. The program aims to support Qatar’s LNG production expansion and strengthen its position as the world’s leading LNG exporter.
MOL and COSCO Shipping have a longstanding relationship with QatarEnergy.
In 2022, the joint venture signed agreements for seven conventional LNG carriers. With the latest deal, MOL and COSCO now have a total of 13 vessels under QatarEnergy’s fleet expansion program.
COSCO Shipping highlighted that the new vessels are the most advanced in the industry, featuring technology that greatly enhances operational efficiency while also reducing carbon emissions.
Reference: QatarEnergy
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