Gas Natural Fenosa buys LNG carriers despite profit drop

Spanish LNG operator Gas Natural Fenosa increased its investment in 2016, acquiring two LNG carriers during the year, despite a decline in net profit. 

The company informed in its financial report that the net investment reached €2.2 billion (Approx: US$2.3 billion), 56.5 percent up on the year before. The investment in two tankers purchased in September and December 2016 amounted to €425 million.

It had also reported a drop in net profit of 10.3 percent, reaching €1.3 billion in 2016 from €1.5 billion the year before.

GNF said it is targeting to improve its competitive position in the LNG international market through the acquisition of the two vessels.

According to the company’s website, it currently owns a fleet of 8 LNG carriers with a total capacity of 1.2 million cubic meters.

The report also reveals that GNF’s wholesale supply of LNG dropped 8.3 percent during the year from 75,630 GWh in 2015 to 69,332 GWh in 2016.

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