Photo: Image courtesy of Nakilat

Nakilat reports 9 pct profit jump

Nakilat reports 9 pct profit jump
Image courtesy of Nakilat

Qatar’s Nakilat, the world’s largest liquefied natural gas (LNG) shipping company, reported a 9 percent increase in profit in the first quarter of the year. 

Nakilat reported a net profit of 236 million Qatari Riyals ($64.8 million) which compares to 217 million Qatari Riyals reported in the corresponding quarter in 2018.

This increase was mainly due to the acquisitions of two liquefied natural gas (LNG) carriers and one floating storage regasification unit (FSRU) in 2018, and higher volume of projects at Nakilat’s ship repair facility, the company stated in its report.

The company has managed to grow its international portfolio through the recent expansion with Maran Gas Ventures to include four additional LNG carriers. With 4 LNG vessels under the new JV, the number of Nakilat’s vessels has increased to 74, accounting for approximately 11.5 percent of the global LNG fleet in carrying capacity.

The fleet includes four newbuilds and consists of 69 LNG carriers, four LPG carriers and one floating storage regasification unit (FSRU).

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