Page 57: of Maritime Reporter Magazine (June 2006)

June 2006 57

Qatar Orders World's

Largest LNG Ships

Qatar Gas Transport Company (Nakilat) signed a contract with two

South Korean shipbuilders to construct the world's largest liquified natural gas (LNG) carriers at a cost of $2.5bn, according to a report from The

Peninsula/Agencies.

Nakilat said in a statement that it has ordered three "QMax" LNG carriers with a capacity of 265,000 cu. m. (9.3 million cu. ft.) each from Daewoo

Shipbuilding and Marine, and another three from Samsung Heavy Industries.

The carriers reportedly will be the largest in the world in terms of capacity, the statement said.

The carriers will be leased to Qatar

Liquefied Gas Company, a joint venture between Qatar Petroleum and energy giant ExxonMobil, to transport LNG from one of their largest projects at the

North Field, estimated to contain nearly 10 per cent of the world's proven gas reserves. Nakilat is reportedly expected to acquire a total of 61 liquefied natural gas (LNG) vessels worth $16bn up until 2010.

Qatargas-2, (QG2) and Nakilat, according to the report, signed a 25-year time-charter for six "QMax" LNG carri- ers of approximately 265,000 cu. m. car- rying capacity each.

In addition to the 100 percent owned six ships, Nakilat has 30 to 60 percent equity interest in another 28 LNG carri- ers that have either been delivered or on order to service Qatar's LNG projects, including the earlier QG-2 vessels.

The six first-ever double hull QMax ships have been designed with state of the art safety features, such as an 80 year inner hull fatigue life combined with pri- mary and secondary membrane barriers for LNG containment.

Quintana Buys 17 Ships for $735 Million

Quintana Maritime Ltd. is reportedly buying 17 ships from a private Greek shipowner for about $735 million. The fleet, purchased from Metrobulk report- edly includes three Panamaxes and 14

Kamsarmax bulkers.

Petroleos de Venezuela

Orders 18 Tankers

Petroleos de Venezuela SA said it will buy 18 oil tankers from China for $1.3b as South America's largest oil firm seeks to boost exports to Asia. Orders for the tankers were placed with China State

Shipbuilding Corp., and China

Shipbuilding Industry Corp. A timetable wasn't provided for deliveries.

Stena Vision Repair

Prolonged

Arlington Tankers was notified by its vessel manager, Northern Marine

Management (Northern Marine), that one of its two VLCC tankers, the Stena

Vision, built in 2001, will now start a prolonged period of repair due to an engine maintenance program. The 314,000 metric dwt vessel was undergo- ing a scheduled dry-dock period when it was determined that the repair was nec- essary, and that the vessel will be out of service for several months.

Stena Vision is currently on a long- term time charter to Concordia Maritime

AB (Concordia) of Sweden until

November 2009. The daily basic charter rate for the Stena Vision for 2006 is $36,075. Under the terms of its agree- ments, during the period of repair, the company will continue to receive its full contractual charter hire and pay its con- tractual vessel management fees.

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