QGTC orders LNG number 17

Qatar Gas Transport Company (QGTC) has ordered another QMax LNG carrier which brings to 17 the number of LNG carriers that the company has ordered so far this year.

The QMax vessels, with a capacity of approximately 265,000 cubic metres and a delivered cost in the region of $300m, are the largest size of LNG carriers currently on order. In addition to these 17 LNG carriers which are wholly owned by QGTC, the company owns another 30 to 60% in 28 LNG carriers delivered or on order to service Qatari LNG projects.

According to Muhammad Ghannam, QGTC’s Acting Managing Director, this new vessel will be ordered from the Korean shipbuilder Samsung Heavy Industries. Delivery is slated for mid 2009 and, once delivered from the shipyard, is expected to be placed on long term charter to RasGas 3.

Says Ghannam “This new vessel is a further step towards our ambitions to make QGTC the world’s largest LNG shipowner. We expect to order more vessels over the next 6 months. The vessel will incorporate the latest technology for safe, reliable and cost-effective transportation of LNG over many years and, along with the other vessels ordered this year, is the result of several years of engineering design work and testing.”

The newbuilding will be powered by twin slow speed diesel engines and will have full scale on-board re-liquefaction plants which maximize LNG deliveries. Modification of existing shore side technology to onboard use allowed the vessels to use more efficient slow speed diesel and depart from the traditional but less efficient steam turbine.