QatarEnergy, a global leader in liquefied natural gas (LNG) production and supply, has selected a joint venture between Japan’s Mitsui O.S.K Lines Ltd. (MOL) and China’s COSCO Shipping LNG Investment (Shanghai) Co. Ltd. (CSLNG) to own and operate six state-of-the-art QC-Max size LNG vessels. This significant deal is part of QatarEnergy’s ongoing historic shipbuilding program, aimed at expanding its LNG fleet to meet future demands.
The six new LNG vessels will be constructed in China by Hudong-Zhonghua Shipbuilding Group, a subsidiary of China State Shipbuilding Corporation (CSSC). These vessels mark the final batch in QatarEnergy’s ambitious program to build 128 LNG vessels, consisting of 104 conventional vessels and 24 ultra-modern QC-Max vessels, which are designed for optimal capacity and efficiency in transporting LNG.
The long-term Time Charter Party (TCP) agreements for these vessels were officially awarded at a ceremony held at QatarEnergy’s headquarters in Doha. The event was hosted under the patronage of His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs and President and CEO of QatarEnergy. Attendees included Mr. Takeshi Hashimoto, President & CEO of MOL, and Mr. Zhang Feng, Vice President of China COSCO Shipping Corporation (parent company of CSLNG), alongside senior executives from both shipowners, QatarEnergy, and QatarEnergy LNG.
During the ceremony, His Excellency Mr. Saad Sherida Al-Kaabi commented: “This is the final batch of long-term shipowner contracts in our 128-vessel strong historic shipbuilding program, which will fulfill QatarEnergy’s LNG fleet expansion needs for our upcoming projects, as well as meet the replacement requirements of some of our existing vessels.”
Minister Al-Kaabi also expressed QatarEnergy’s pride in its partnerships, stating: “We are proud to have forged very important relationships with many companies and joint ventures, including today’s new partnership with MOL and COSCO Shipping.”
The MOL-CSLNG joint venture already holds long-term TCP agreements for seven conventional LNG vessels, signed in 2022, making this new agreement an addition to the existing 13 long-term TCPs secured under QatarEnergy’s LNG fleet expansion program. This collaboration reinforces the growing importance of MOL and CSLNG in QatarEnergy’s global LNG operations, further solidifying their role in supporting the energy giant’s ambitious expansion projects.
With these new vessels, QatarEnergy is set to strengthen its global leadership in the LNG market, ensuring that its operations meet the growing demand for cleaner energy worldwide. The strategic expansion of QatarEnergy’s LNG fleet marks a significant milestone in the company’s long-term vision of providing sustainable energy solutions and advancing the global energy transition.
About QatarEnergy
QatarEnergy is a global leader in the production and supply of liquefied natural gas (LNG), playing a pivotal role in the global energy transition. As part of its mission to expand its cleaner energy offerings, QatarEnergy is actively developing projects such as the North Field East (NFE) and North Field South (NFS), which aim to increase the country’s LNG production capacity from 77 million metric tons per year (MTPA) to 126 MTPA by the end of the decade. Additionally, its North Field West (NFW) project is set to boost capacity to 142 MTPA by 2030.
Beyond Qatar, the company is expanding its global LNG footprint through ventures like the Golden Pass LNG project in Texas, expected to produce 18 MTPA starting in 2025. QatarEnergy’s commitment to driving the energy transition extends through its ongoing investments in LNG infrastructure, shipbuilding, and cleaner energy technologies, positioning the company as a leader in the future of energy.
Source QatarEnergy