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Introduction
Nakilat (which means "carriers" in Arabic) is a Qatari shipping company
that forms an integral link of the LNG supply chain for the State of Qatar.
It was established in 2004 and is a joint stock company owned 50% by
its founding shareholders and 50% by the public as a result of an IPO in
2005.
Nakilat is building a large fleet of vessels to transport LNG produced
from Qatar's North Field, the world's largest non-associated gas field
with approximately 15% of the world's proven reserves, to global
markets. By 2010, Nakilat will own 54 LNG vessels, making it the largest
LNG ship owner in the world.
Throughout 2008, Nakilat continued
the development and building of
our important partnerships with our
key joint venture companies which
together own and operate 29 liquefied
natural gas (LNG) carriers, ranging in
capacity from "145,000m to 216,000m".
Nakilat's ownership percentage of these
partnership vessels range between 20%
and 60% an average 43% interest. As of
the end of December 2008, 28 of these
vessels had been delivered; the final
vessel will be delivered in 2009.
In addition to the 29 jointly-owned
vessels Nakilat has 25 wholly-owned LNG
carriers. All of these ships, ordered from
Korean shipyards, incorporate the latest
technology for safe, reliable and costeffective
transportation of LNG over many
years, and are the result of several years
of engineering design work and testing.
As of March 31, 2009 eleven of the
wholly-owned ships have been received
from the ship yards and 14 remain to be
delivered. These 25 wholly-owned vessels
represent a total investment by Nakilat of
approximately US $7.5 billion.
In total, Nakilat's LNG fleet will include 54
LNG carriers comprised of 9 conventional
vessels (145,000-154,000m), 31 Q-Flex
vessels (210,000-216,000m) and 14 QMax
vessels (263,000-266,000m). The
Q-Flex has approximately 50% and the
larger Q-Max has over 80% more capacity
than conventional LNG carriers and
consume 40% less energy. They are the
world's largest and most advanced LNG
carriers.
Together, Nakilat's jointly and whollyowned
fleet of 54 vessels represent a total
investment of approximately $11 billion.
In addition to the 54 LNG vessels Nakilat
and Qatar Shipping Company Ltd. (QShip),
through a Joint Venture Agreement
established a special purpose company,
"Gulf LPG Transport Company W.L.L." to
build and own 4 Very Large Gas Carriers
(VLGC's). Nakilat and Q-Ship each has
50% share in the ships built at Hyundai
Heavy Industries Co., Ltd., Korea. All 4
ships were delivered by March 2009.
The following are some of the notable
achievements realized by Nakilat in
2008:
- LNG Ship Naming Ceremonies:
With RasGas, Nakilat celebrated
the naming of 12 Q-Flex ships at
the Korean shipyards.
Five were named at Daewoo
Shipbuilding and Marine Engineering
Co. Ltd. (DSME), "Al Aamriya",
"Murwab", "Fraiha", "Al Oraiq" and
"Umm Al Amad".
Four were named at Samsung
Heavy Industries Co. Ltd. (SHI), "Al
Kharsaah", "Al Huwaila", "Al Shamal"
and "Al Khuwair".
Three ships, "Al Thumama", "Al Sahla"
and "Al Utouriya" were named at
Hyundai Heavy Industries Co., Ltd.
(HHI). All 12 vessels are under longterm
charter agreements to RasGas.
With Qatargas, Nakilat celebrated
the naming of 6 Q-Max ships.
On July 11th, Her Highness Sheikha
Mozah Bint Nasser Al-Missned named
the first Q-Max (266,000 CBM) LNG
carrier "MOZAH", the very first Q-Max
Chairman's Message
ever built and the largest and most
advanced LNG carrier in the world.
The special ceremony was held at SHI
shipyard. At a later ceremony, "Umm
Slal" and "Bu Samra" were also
named at Samsung.
Three Q-Max ships, "Al Ghuwairiya",
"Lijmiliya" and "Al Samriya" were
named at DSME. All six vessels are
under long-term charter agreements
to Qatargas.
- LNG Ship Deliveries:
Four Q-Max were delivered in 2008:
In September, "Mozah", the world's
largest LNG carrier was delivered to
Nakilat at Samsung. "Mozah" is the
very first of 14 Q-Max ships and is
also the first of Nakilat's 25 whollyowned
LNG carriers.
"Umm Slal" and "Bu Samra"
were also delivered at SHI and Al
Ghuwairiya was delivered at Daewoo.
It is also note worthy to mention that
Nakilat celebrated the safe arrival
of the first Q-Flex LNG carrier to
the United States. "Al Gharrafa"
discharged her cargo at the newly
commissioned Sabine Pass LNG
Terminal in Louisiana and was the
largest LNG carrier to ever transit the
Sabine Channel.
-
Liquid Petroleum Gas (LPG)
Ships:
Nakilat and Q-Ship named 4 Very
Large Gas Carriers (VLGC's), "Bu
Sidra", "Umm Laqhab", "Al Wukir"
and "Lubara" at naming ceremonies
held at Hyundai. The 4 VLGC's are
owned through a 50:50 joint venture
between Nakilat and Q-Ship named
"Gulf LPG Transport Company
W.L.L.". All ships were delivered by
March 2009.
The vessels are commercially
employed under a Joint Operating
Venture between Gulf LPG and MOL.
-
Ship Repair Yard:
In 2007, Nakilat and Qatar Petroleum
finalized the definition of the fivephase
strategy to develop facilities for
the construction and maintenance of
a wide range of marine and offshore
structures.
During 2008, implementation of the
strategy proceeded according to
plan. The centre point is a large Ship
Repair Yard, designed for the repair
and maintenance of very large LNG
carriers and a wide range of other
vessels, as well as the conversion
of tankers to Floating Production,
Storage and Offloading (FPSO) and
Floating Storage and Offloading (FSO)
units.
The 43-hectare Ship Repair Yard,
built on reclaimed land, is part of
the massive expansion of the Port
of Ras Laffan, and is scheduled to
begin operations in 2010. Work also
commenced in 2008 on building a
Ship Construction Facility for small,
high-value vessels, and is scheduled
for completion in late 2009.
-
Major Contract Awards:
Nakilat awarded a major contract to
Hyundai Samho Heavy Industries
Company Limited and Hyundai
Corporation (acting collectively as
the contractor) for ten (10) jib cranes.
The cranes are required for operation
alongside the quays and dry-docks
of Nakilat's new world-class shipyard
which is being built in the Port of Ras
Laffan.
Nakilat signed an agreement with
WOQOD to supply marine lubricants
and technical services to Nakilat's
fleet of 25 wholly-owned LNG carriers.
The agreement includes the supply
of both the initial fill volumes required
by the shipyards prior to delivery of
each vessel and the top up volumes
required for operations by the fleet on
a global basis.
Nakilat entered the first fifteen of its
wholly owned LNG vessels with the
two largest P&I clubs in the world
" Assuranceforeningen Gard and The
Standard Club. The announcement
marked the conclusion of a detailed
selection process culminating in a
closed bid competitive tender by a
shortlist of international P&I clubs.
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Finance:
Nakilat successfully raised US$1.5
billion of debt under its existing
program financing from a group of
12 international and regional banks,
together with Korean Export Insurance
10
Corporation (KEIC). The incurrence of this debt will
keep Nakilat adequately funded and solidly on track to
complete its acquisition of a fleet of 25 LNG vessels
currently under construction at the Korean shipyards.
The senior secured debt rating and the subordinated
secured debt rating of "A+" and "A" by S&P respectively,
and "Aa2" and "Aa3" by Moody"s respectively, were
maintained in an increasingly deteriorating market.
Nakilat completed $1.5 billion financing in difficult
market conditions once again proving Nakilat's prime
status in today's financial market.
In support of its vessel operations Nakilat also has two
additional companies, Nakilat Agency Company and Nakilat
Svitzerwijsmuller.
The Nakilat Agency Company acts as the exclusive "full
port agency service" for all local and international ships
calling at the Port of Ras Laffan.
The business is diverse and the agency attends to all
port and regulatory matters to ensure the most effective
turnaround of ships loading or offloading at Ras Laffan.
Nakilat Svitzerwijsmuller, a joint venture between Nakilat
and Svitzer Middle East, owns and operates 21 vessels,
tug boats, pilot boats and other harbor craft at the Port of
Ras Laffan. This equipment is deployed under a 22-year
Harbour Towage and Mooring services contract which was
awarded in 2006.
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