QatarEnergy orders six new LNG vessels to expand its orderbook

QatarEnergy boosts its LNG orderbook: State-owned QatarEnergy has inked an agreement to purchase six 271k cubic meter capacity QC-Max LNG vessels from China State Shipbuilding Corporation (CSSC), according to a statement. The vessels are slated for delivery between 2028 and 2031.

QatarEnergy’s orderbook is booming: QatarEnergy inked a contract with Hudong-Zhonghua Shipbuilding, a subsidiary of China State Shipbuilding Co, for 18 supersize LNG newbuilds in April. The newest agreement brings the total number of QC-Max vessels ordered by the firm up to 24 with a total value of about USD 8 bn, the statement notes. The move, in line with QatarEnergy’s fleet expansion program, brings the firm’s total existing orderbook to 128 LNG vessels, including 24 QC-Max mega ships, according to the statement.

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

Expanding its orderbook: QatarEnergy inked a time-charter party agreement backin 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.

Addressing global demand: The firm secured 25 mn tons of long-term LNG sales over the past year, and more agreements are underway, including several supply agreements with European and Asian buyers. QatarEnergy and the Kuwait Petroleum Corporation (KPC) inked a 15-year sale and purchase agreement just last month to supply up to 3 mn tons per annum (mtpa) of LNG to Kuwait. QatarEnergy will begin making LNG shipments via its Q-Flex and Q-Max LNG vessels to Kuwait’s Al Zour LNG Terminal in January 2025.