Greek shipowners are claiming a mega project in Qatar

By George George

Qatar is implementing an unprecedented $ 30 billion shipbuilding program in the LNG market, with the goal of boosting production capacity from 77 million tonnes per year to 126 million tonnes per year by 2027.

In addition to increasing Qatar’s production capacity, the project will serve the transportation needs of QatarEnergy and its subsidiaries and the Golden Pass LNG project, which the country “runs” with the United States.

In particular, state-owned QatarEnergy – formerly Qatar Petroleum – has booked more than 100 new LNG carriers at shipyards in South Korea and China. In fact, in October, the company ordered the first four steamers in China and in the previous days six more in two South Korean yards.

Essentially, QatarEnergy places the orders and then the shipowners submit tenders for the purchase of the ships through tenders, motivated by long-term charters of up to 25 years with the company.

These are high standard ships, with a capacity of 174,000 cubic meters each, which will be ready in the period 2024 – 2026. According to freight brokers, the construction of an LNG carrier of these characteristics currently costs about $ 200 million.

Qatar is the world’s largest exporter of LNG and estimates, like many analysts, that demand for this fuel is expected to increase significantly in the coming decades as countries reduce their use of coal and oil.

Discussions with Greek shipowners

Qatar is currently considering cases of high-range shipowners who may be responding to the mega project.

Ship brokers who closely follow the procedures and the LNG market in general point out to Capital.gr that the names of representatives of the Greek shipping community are high on the list of candidate shipowners.

“Of course the recent orders are just the beginning of a huge project in which, over time, many shipowners and operators will participate,” points out a freight broker.

The “Greeks” are very active in the LNG market. According to data from the Hellenic Shipowners’ Association, they control 15.58% of the global LPG fleet (LNG / LPG).

The largest fleet of LNG carriers belongs to Maran Gas of Maria Angelikoussi. In total, it manages 42 LNG carriers, while it has six more steamers under construction.

The interesting element for the Angelikoussis Group, which may play a key role in the company’s participation in the project, is the fact that it has for several years created a joint venture with Nakilat of Qatar, in which it participates with 40%. In fact, they are implementing a shipbuilding program for four LNG carriers in South Korea.

Big “players” in the market are Peter Libanos with GasLog, George Prokopiou with Dynagas and Dynagas LNG Partners, George Economou with TMS Cardiff Gas, Vangelis Marinakis with Capital Gas, Nikolas Martinos with Thenamaris and others .