QatarEnergy Wraps Up Historic Newbuild Orders with More Max LNG Carriers
QatarEnergy Expands LNG Fleet with New Charter Agreement to Strengthen its Global Position
QatarEnergy has reached a key milestone in its ongoing shipbuilding project. The company signed a significant charter agreement with a partnership between Japan’s Mitsui O.S.K. Lines and China’s COSCO Shipping LNG. This agreement is the final stage of a long-term plan to improve Qatar’s ability to produce and export liquefied natural gas (LNG). The deal will add six new QC-Max LNG carriers to QatarEnergy’s fleet, the largest LNG vessels ever built. This expansion is a major step for Qatar as it strives to stay at the top of the world’s LNG exporters.
What the New Charter Agreement Means for QatarEnergy
This new charter agreement marks a big leap for QatarEnergy. It increases the company’s total fleet to 128 LNG carriers. This includes 104 traditional-sized LNG carriers that are currently being built in shipyards in China and South Korea, with the first one expected to be delivered later this year. Additionally, QatarEnergy will add 24 QC-Max carriers. These massive ships can hold up to 271,000 cubic meters of LNG, making them the biggest and most advanced of their kind. The size and design of these vessels will allow QatarEnergy to transport LNG more efficiently while still being able to access most major ports around the world.
The QC-Max LNG carriers are expected to be much more fuel-efficient, which will help reduce emissions. These ships will be 1,128 feet (344 meters) long, which is longer than three football fields. Despite their size, they are designed to be able to enter most ports. The construction of these new ships will be managed by Hudong-Zhonghua Shipbuilding, which is a part of China State Shipbuilding Corporation (CSSC). This shipyard has already built 18 vessels for QatarEnergy in the past and will continue to work on these new vessels, which will be delivered between 2028 and 2031.
Growing Partnerships in the Shipping Industry
This agreement not only strengthens QatarEnergy’s LNG fleet but also builds stronger relationships with key players in the shipping industry. In 2022, Mitsui O.S.K. Lines and COSCO Shipping signed a deal to build seven LNG carriers for QatarEnergy. These vessels will be part of long-term contracts and will help both companies grow in the LNG market. COSCO is also a partner with China LNG Shipping for two other vessels dedicated to QatarEnergy.
Qatar’s Energy Minister, His Excellency Minister Al-Kaabi, expressed pride in the partnerships that have helped QatarEnergy achieve its goals in the LNG market. He highlighted how important these collaborations are for ensuring Qatar’s leadership in global LNG exports. QatarEnergy made headlines in 2020 by placing the world’s largest-ever order for new LNG vessels. These new ships will help strengthen Qatar’s position as the world’s biggest exporter of LNG, competing with countries like the United States and Australia. Some of the new vessels will replace older ships, helping modernize QatarEnergy’s fleet.
