QatarEnergy is reportedly in talks to place a USD 3.3 bn vessel order from South Korea

QatarEnergy isn’t done ramping up its LNG fleet: QatarEnergy is reportedly in talks with three South Korean shipyards to build 10 Q-Max LNG carriers with a 270k cbm capacity for an estimated investment ticket of USD 3.3 bn, industry sources told Korea Economic Daily. The talks have reportedly been taking place since June.

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Background: QatarEnergy inked a contract with Hudong-Zhonghua Shipbuilding, a subsidiary of China State Shipbuilding Co, for 18 supersize LNG newbuilds in April for USD 6 bn, KED reports, which leads industry insiders to speculate the current contracts in play would amount to USD 3.3 billion if carriers are sold at similar prices.

Expanding its existing orderbook: QatarEnergy inked a time-charter party agreement back in March with Qatar Gas Transport Company Limited (Nakilat) for the operation of 25 conventional size LNG vessels as part of the second ship-owner tender under QatarEnergy’s LNG Fleet Expansion program. Hyundai Heavy Industries is slated to construct 17 of the vessels, while the other eight will be built by Hanwha Ocean.

Boosting its fleet: The agreement supports QatarEnergy’s drive to bolster its LNG production capacity to some 142 mn tons per year by 2030.

The GCC is investing in LNG vessels: Adnoc Logistics and Services (L&S) inked contracts worth USD 2.5 bn just last month with South Korean shipyards Samsung Heavy Industries and Hanwha Ocean for eight to 10 LNG carriers.