Qatar’s Nakilat Signs $662m Islamic Refinancing Deal

LNG shipper Maran Nakilat will use the proceeds to expand its LNG carrier fleet.



LNG shipper Maran Nakilat Co. Ltd has sealed a loan refinancing deal worth $662.4 million, allowing it to proceed with an expansion of its LNG carrier fleet to six ships from four, one of its parent companies said on Monday.

Qatar Gas Transport Co, commonly known as Nakilat, said the deal had also increased its shareholding in the company, a joint venture with Greece-based Maran Ventures Inc but gave no details of the ownership structure of the company either before or after the change.

The vessels being added to Maran Nakilat’s fleet are already under construction in Korea, the company said. Delivery is scheduled for early 2014.

Qatar Islamic Bank and Barwa Bank funded the refinancing, which takes Nakilat’s total fleet size to 56 LNG vessels, it added.

Earlier this month, Nakilat signed a $917 million loan refinancing deal with Qatar National Bank

The company will post second-quarter earnings on July 14. It reported a flat net profit for the first quarter in April.

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