Nakilat Unveils Ambitious Fleet Expansion Plans
Nakilat, a key player in the liquefied natural gas (LNG) shipping industry, has announced significant developments during its recent annual general assembly. The company is set to construct 40 new gas carriers across shipyards in South Korea and China, with the first vessel expected to be delivered by the end of this year. This strategic move aims to modernize Nakilat’s fleet and enhance its operational capabilities, ensuring a reliable and environmentally responsible LNG shipping network.
Strategic Fleet Modernization and Expansion
During the annual general assembly, Nakilat’s chairman, Abdulaziz Jassim al-Muftah, emphasized that the fleet expansion is not just about increasing capacity. It reflects the company’s commitment to modernizing its fleet and improving operational efficiency. The new vessels will incorporate advanced technologies designed to meet sustainability standards and enhance safety in operations. Al-Muftah stated, “This move represents not merely an expansion in fleet capacity; rather it also embodies the company’s strategic focus on fleet modernization.”
Chief Executive Officer Abdullah al-Sulaiti highlighted the company’s transition from planning to execution of this ambitious fleet expansion program. He noted that the first of the new builds will be delivered soon, reinforcing Nakilat’s dedication to safety and sustainability. Despite facing challenges from evolving regulations and operational pressures, al-Sulaiti expressed confidence in Nakilat’s ability to adapt and thrive. “Together, we will build the next chapter of Nakilat’s legacy, one defined by leadership, innovation, and responsible growth,” he stated.
In 2025, Nakilat marked a significant milestone with the commencement of construction for 25 LNG vessels, including 17 carriers at Hyundai Heavy Industries and eight at Hanwha Ocean Shipyard in South Korea. Additionally, nine QC-Max LNG vessels will be built at Hudong-Zhonghua Shipyards in China. These vessels will be fully owned by Nakilat and chartered under long-term agreements with QatarEnergy affiliates, further supporting QatarEnergy’s historic LNG fleet expansion and enhancing global energy security.
Financial Stability Amid Market Changes
Nakilat’s board report indicated that the company has made substantial progress in its operations and strategic growth initiatives. The construction of six additional vessels, including two LNG carriers and four LPG/ammonia vessels, has also begun at HD Hyundai Samho Heavy Industries in South Korea. This expansion is crucial as Nakilat aims to strengthen its position in the maritime sector.
Al-Muftah noted that the company has maintained robust financial stability despite the shifting market dynamics and rising operational demands. He attributed this success to prudent financial management and efficient fleet operations. “In a year marked by shifting market dynamics and rising operational demands across the maritime sector, the company maintained robust financial stability supported by prudent financial stewardship and efficient fleet operations,” he said.
As Nakilat embarks on this ambitious journey, the company is poised to play a pivotal role in shaping the future of LNG shipping, ensuring it meets the demands of a rapidly evolving energy landscape.
