By Andy Sambidge
Joint venture Maran Nakilat Co Ltd inks refinancing deal for vessels with Qatar Islamic Bank and Barwa Bank
Nakilat, Qatar's gas transporter, has added three new LNG vessels to its fleet through its joint venture Maran Nakilat Co Ltd, which has closed $807.4m of refinancing provided by Qatar Islamic Bank and Barwa Bank.
The new LNG carriers will be added to Nakilat's joint venture with Greek shipping company Maran Ventures Inc which increase its total fleet from eight vessels to 11 and will be used in international trade
Maran Nakilat Co Ltd had an initial fleet of four vessels with a cargo capacity of 580 thousand cubic metres but now has a capacity of 1.7 million cubic metres, a statement said. In June 2013 Nakilat also increased its ownership of the joint venture from 30 per cent to 40 per cent.
Abdullah Fadhalah Al Sulaiti, managing director of Nakilat which raised its stake in the JV to 40 percent last year, said: "We are thankful for this excellent addition to our company, through refinancing and adding new ships to our fleet, which in turn will definitely strengthen the role of Nakilat as a leader in the global gas transportation market
"Through these strong relationships, Nakilat is able to maintain Qatar's prime position in the global LNG shipping market."
Commenting on the financing agreement, Bassel Gamal, QIB Group CEO, said: This marks our third co-financing of the company in a span of two years; it bears witness to Nakilat's confidence in our capability to provide financial solutions that fulfill their financing needs and befit their expanding scope of activity.
Nakilat is a Qatari marine transport company providing the essential transportation link inQatar's LNG supply chain. Its LNG shipping fleet is the largest in the world, comprising 61 LNG vessels.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.