Kinetics LNG Holdings has expanded its floating LNG fleet to 11 vessels, including nine LNG vessels on the water and two LNG carriers under conversion into FSRUs, according to the company’s Q1 2026 financial report filed through Oslo Børs Newspoint.
Four of the on-water FSRUs are held by KARMOL, the company’s 50-50 joint venture with Mitsui OSK Lines. LNGT Oceania was delivered and accepted by charterer One World Fuel Services DMCC on 11 March 2026, moving into its charter period.
The delivery left Kinetics with six vessels in operation during the first quarter, excluding KARMOL vessels.
Conversion work on LNGT Türkiye remains on schedule after the vessel entered the yard in the third quarter of 2025. Basic and detailed design work has been completed, procurement for long-lead and longevity items is about 90% complete, and construction is about 80% complete. Delivery is expected in the third quarter of 2026.
LNGT Karadeniz also remains on schedule, with basic design about 90% complete, long-lead procurement around 70% complete and detailed design about 50% complete. The vessel is expected to enter Seatrium’s yard in June.
After the reporting period, Karpowership secured a 250-MW LNG-to-power contract with Mexico’s CENACE in the Yucatán Peninsula for 30 months. Kinetics LNG will deploy an LNGT/FSRU alongside a Powership, with commercial operations expected in July 2026.
Kinetics also closed a $125m investment from Türkiye’s Actera through redeemable preference shares. Its $400m 9.875% senior secured bonds due 2029 were admitted to trading on Euronext ABM on 9 April 2026.
Kinetics LNG Holdings Limited is an Isle of Man-incorporated, London-domiciled company focused on floating LNG infrastructure assets.
KARMOL is a 50-50 joint venture between Kinetics LNG and Mitsui OSK Lines. Mitsui OSK Lines is a Japanese shipping company.
Karpowership is part of Karadeniz Group and develops floating power generation projects.
