Photo: Courtesy of Nakilat

Nakilat reports 23.6 per cent profit jump

Qatar’s Nakilat, the world’s largest LNG shipper, reported a 23.6 per cent jump in the third quarter of 2020.

Nakilat reports 23.6 per cent profit jump
Courtesy of Nakilat

The Qatari LNG shipping giant posted a net profit of 900 million Qatari Riyals ($247.2 million) which compared to 728 million Qatari Riyals in the third quarter of 2019.

Revenue edged up 12.2 per cent to 3.06 billion Qatari Riyals ($842 million), the company noted in its report. General and administrative expenses were reduced by 18.7 per cent.

The company’s robust financial performance is primarily attributed fleet management, as well as the strategic acquisition of the remaining 49.9 per cent of four Q-Flexs in October 2019.

The commencement of Nakilat’s second phase fleet management transition is among the main attributes to the positive financial results achieved, with six vessels transitioned to in-house management since May 2020.

The company also followed through its fleet expansion plans and took delivery of an LNG carrier newbuild, which is being commercially and technically managed in-house and chartered by Qatargas.

The delivery of all four newbuild LNG carriers by the end of 2021 will bring Nakilat’s fleet to 74 vessels comprising 69 LNG vessels which is about 12 per cent of the current global LNG fleet in carrying capacity, 4 LPG vessels, and 1 floating storage and regasification unit (FSRU).

Nakilat chief executive officer Abdullah Al Sulaiti said, “With greater demand for clean energy globally, Nakilat is ambitious in expanding our international outreach and diversifying our portfolio to meet the growing energy transportation needs. We are continually assessing the market and our current investments to address any emerging risks, allowing us to tactfully navigate any unexpected challenges as we steer forward to be global leader and provider of choice for energy transportation and maritime services.”