Nakilat’s H1 profit rises

Qatar’s Nakilat, the world’s largest liquefied natural gas (LNG) shipping company, reported on Wednesday a 9 percent rise in its first-half profit.

Nakilat said its six-month net profit was at 445 million Qatari Riyals ($122.2m) as compared to 409 million Qatari Riyals in the same period last year.

The LNG shipping giant that operates a fleet of 70 vessels noted in its statement that during the past year, there have been many positive developments across the company, despite the challenging market conditions in the maritime sector.

Nakilat expanded its fleet with two additional LNG carriers earlier this year and more recently, acquired a major stake in its first floating storage regasification unit (FSRU).

“This significant milestone is in line with the company’s plan to diversify and grow its business portfolio, with the aim to widen its international outreach and secure its industry-leading position in the dynamic and competitive LNG market,” Nakilat said.