Long Term Charters Keep Nakilat Safe

Qatari liquefied natural gas (LNG) shipping company Nakilat recorded net profit of QR 756.3 million (USD 207.8 million) for the first nine months of 2015, an increase of 9% on the same period last year.

The company’s Board of Directors stated that Nakilat is in an enviable position within the energy industry in facing the current economic situation, as the company’s ships are on long term charter hire contracts that are not impacted by temporary fluctuations in oil prices.

Nakilat says that the increase reflects the company’s ”strategic development, the success of its joint ventures, and the company’s resilience in the challenging economic climate.”

“Despite regional challenges, our policy of making prudent investments for achieving higher economic benefit in the short and long-term, and seeking sustainable growth opportunities continues to work in our favour,” Abdullah Al Sulaiti, Nakilat Managing Director, said.

”We have also lowered our operating costs, and our financing costs are decreasing as we have repaid a suitable amount of our loans. We have also seen increased profits from our joint ventures, particularly since the launch of new two vessels during the year, along with an additional five vessels that became fully operational.”