More Max LNG Carriers Complete Historic Newbuild Orders for QatarEnergy
Posted on Dec 12, 2024 at 11:12 PM
As the final phase of its historic multi-year shipbuilding program, QatarEnergy signed a time charter deal with a joint venture between China's COSCO Shipping LNG and Japan's Mitsui O.S.K. Lines.
Six additional QC-Max LNG carriers—the biggest of their sort worldwide—are to be added as part of the agreement.
QatarEnergy's Bold Plan for LNG Growth
The development of QatarEnergy's LNG production and export activities will be supported by commitments for a total of 128 LNG carriers upon completion of the new builds.
Between China and South Korea, 104 conventional-sized LNG carriers are being constructed; the first ship is scheduled to be delivered this year. They will also have 24 QC-Max vessels, each of which can hold around 271,000 cbm.
Although they would still have access to the majority of major ports, QatarEnergy and its partners have highlighted the increased efficiency of these enormous gas carriers. According to COSCO, the ships will rank among the most cutting-edge in the sector because of their improved fuel economy and lower emissions. Each vessel is expected to be 1,128 feet (344 metres) in length and have a design draft of somewhat more than 39 feet (12 metres), according to earlier reports.
The final order was allegedly being shopped between yards in China and South Korea, according to months of rumours. A subsidiary of China State Shipbuilding Corporation (CSSC), Hudong-Zhonghua Shipbuilding, is receiving the order for six of the Max boats.
Prior orders, which had been expanded to a total of 18 boats in April 2024, had been received by the same shipyard. According to reports, the previous purchases were scheduled for delivery between August 2021 and January 2031.
Partnerships and Other Arrangements
The two businesses' collaboration is also extended under the arrangement. In 2022, MOL and COSCO signed a deal with QatarEnergy for seven conventional-sized LNG carriers (174,0000 cbn) that would be operated on long-term charters.
The new build initiative has helped COSCO grow, which has been advantageous. Additionally, the Chinese shipping business and China LNG Shipping have a joint venture agreement for two more boats for QatarEnergy.
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His Excellency Minister Al-Kaabi, the Energy Minister of Qatar and the CEO of QatarEnergy, stated, "We are proud to have forged very important partnerships and business relations with many companies and joint ventures, including today's new partnership with MOL and COSCO Shipping."
Together with QatarEnergy, several top shipping firms carried out the extensive building project. The largest reservation ever made for newbuilds, expecting at least 100 vessels, was announced by Qatar in 2020. After competing for the highest quantities with the US and Australia in recent years, Qatar is still the leading LNG exporter thanks to the construction of the new LNG field.
The majority of the ships being constructed are for fleet expansion. However, QatarEnergy acknowledged that as part of its fleet modernisation, some of the ships will take the place of ageing carriers.
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