Photo: Q-Max LNG carrier Mozah

Nakilat logs 15.5 percent profit rise

Qatar’s Nakilat, the world’s largest LNG shipper, reported a 15.5 percent rise in first-half profit as it reduced administrative costs and purchased stakes in four vessels.

Q-Max LNG carrier Mozah
Q-Max LNG carrier Mozah (Image: Nakilat)

The Qatari LNG shipping giant posted a net profit of 550 million riyals ($151 million) compared to 476 million riyals in 2019.

Revenue increased 11.3 percent to 2.02 billion riyals ($538.5 million) while general and administrative expenses decreased by 11.7 percent.

Nakilat attributed the rise to additional revenues coming from its acquisition of the remaining 49.9 percent stake in four Q-Flex vessels in October 2019.

Furthermore, the company said it “ensured no disruption to its business” despite the ongoing challenges of the Covid-19 pandemic.

One of the moves that also contributed to the company’s performance was the launch of the second phase of its fleet management transition from Shell.

Nakilat transitioned two LNG vessels in the second quarter.

In addition, the company followed through its fleet expansion plans and took delivery of a newbuild vessel chartered by Qatargas.

Following the delivery of all four LNG newbuilds by end-2021, Nakilat’s fleet will rise to 74 vessels.

These include four LPG carriers and one FSRU.

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