LNG carrier agreement signed by QatarEnergy and Nakilat

Qatar Gas Transport Company Limited (Nakilat) has signed a long-term agreement to charter and operate nine QC-Max class LNG vessels, as part of QatarEnergy’s program to expand its fleet of LNG carriers.

These nine vessels, each with a capacity of 271,000 m3, will be fully owned and operated by Nakilat and chartered to affiliates of QatarEnergy. They will be built in China at Hudong-Zhonghua shipyards and will feature a raft of new technology and energy saving features.

This signing follows...


Blended crude oil milestone for Asyad

Asyad Shipping has achieved a notable first for Oman’s maritime and energy sector with the successful delivery of the inaugural shipment of blended crude oil by an entirely-Omani supply chain. The oil cargo was transported by the VLCC Saiqfrom Mina Al Fahal to Ras Markaz, destined for the Duqm Refinery (OQ8) in Oman.

Dr. Ibrahim Al-Nadhairi, CEO of Asyad Shipping, said: “Our success in delivering the first blended crude oil shipment managed entirely by an Omani company underscores our...


Profits increase at Nakilat

Nakilat, Qatar’s leading LNG shipping company, has announced very healthy financial results for the first quarter ending March 31st, 2024. These show a net profit of QAR 420 million compared to QAR 396 million during the same period in 2023, an increase of 6.1%.

According to a statement the improvement in its financial results are attributed to the company’s “ongoing emphasis on operational effectiveness, efficient cost management, and strong market demand for its LNG shipping services. Our...


U.S. Department of the Interior announces new five year offshore wind leasing program

U.S. Secretary of the Interior Deb Haaland used the Oceantic Network’s 2024 International Partnering Forum, currently under way in New Orleans, to announce a new five-year offshore wind leasing program and to report that the Bureau of Ocean Energy Management (BOEM) and the Bureau of Safety and Environmental Enforcement (BSEE) have finalized updated regulations for renewable energy development on the U.S. Outer Continental Shelf (OCS).

Interior says that the final rule increases certainty and...


Red Sea crisis nears boiling point, unable to heat up spot rates

Russian warships entered the Red Sea last Thursday, for what the Russian Pacific Fleet’s press service has stated was the performance of “assigned tasks within the framework of the long-range sea campaign.” This intentional vagueness has invited no small amount of speculation as to the ships’ true objectives.

Theories range from retaliatory pressure on Israel, which decided in late February to co-sponsor a United Nations resolution condemning Russia’s invasion of Ukraine, to supporting...


QatarEnergy and Nakilat sign long term LNG carrier charter agreements

Qatar Gas Transport Company Limited (Nakilat) has signed long-term charter party agreements for 25 conventional LNG carriers with QatarEnergy. This is a key part of QatarEnergy’s ongoing fleet expansion program which is intended to cater for the LNG transportation requirements of the company’s LNG expansion projects as well as its fleet renewal requirements.

Seventeen of the 25 LNG vessels are being constructed at the Hyundai Heavy Industries (HHI) shipyards in South Korea, while the remaining...


ADIB funds VLGC acquisitions

Abu Dhabi Islamic Bank (ADIB) has closed a sharia compliantsyndicated transaction totalling AED 865 million (US$ 235 million) to enable BGN and Al Seer Marine to finance three new very large gas carriers (VLGC). This financing marks the second tranche of a larger syndication amounting to US$ 370 million, which will be used to finance the construction of these vessels in South Korea and Japan.

ADIBacted as the lead arranger and was supported by a number of other financial institutions,...


GPPL celebrates 25 years of LPG handling

APM Terminals Pipavav (GPPL) has recently marked a significant milestone as it celebrated 25 years of handling Liquefied Petroleum Gas (LPG) at the port. This achievement is based around a long-standing partnership between GPPL and Aegis Vopak Terminals Limited.

As well as enabling the onward movement of LPG cargoes by rail since 2022, GPPL is currently investing in a new liquid berth to cater to the increasing demand for liquid cargoes. This follows an enhancement of its liquid berth capability...


Sohar bunkering agreement signed

Sohar Port and Freezone and TFG Marine recently signed an MoU to establish an international bunker fuel supply operation within the Omani deep-sea port.

Commenting on this agreement, Emile Hoogsteden, CEO of Sohar Port, said it reconfirmed its commitment to build a “digitalised and transparent bunker operation that meets international standards already introduced in Singapore and soon to be implemented in Rotterdam.”  Under the terms of the MOU, TFG Marine will establish an international bunker...


War risk exclusions by insurers heighten stakes in Red Sea attacks

In early February, oil markets were lulled by hope of a now-unlikely ceasefire in the Israel-Hamas war. But a recent string of Houthi attacks have reignited concerns about the Red Sea crisis, raising the floor for tanker rates.

The Iran-aligned Houthis claimed responsibility for Friday’s attack on oil tanker M/T Pollux, which was bound for India. No injuries were reported.

This and other recent Houthi attacks, which followed a brief pause in early February, led major maritime insurer Steamship...


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