Nakilat’s net profit down

Qatar’s Nakilat, the world’s largest LNG shipper, said its nine-month net profit dropped 1.1 percent as compared to the same period a year ago.

The LNG shipping giant reported a net profit of 749 million riyals (US$199.6 m) for the January-September period, compared to 757 million riyals in 2015.

Nakilat said in a statement on Sunday that the company’s “strategic long-term charters for its LNG vessels and the strong LPG vessels performance have ensured the continuous strong financial profitability despite the current market conditions of fluctuating oil and gas prices and the slowdown in ship repair and building activities.”

Nakilat’s net profit in the third quarter of this year dropped 7 percent on year to 247.8 million riyals, LNG World News calculations based on previous Nakilat’s financial reports showed.

The Qatari company’s fleet is the largest in the world comprising of 67 wholly- and jointly-owned LNG and four LPG vessels.

The LNG vessels represent a total investment of approximately $11 billion and have a combined carrying capacity of over 8.5 million cubic meters or 15% of the world capacity, according to Nakilat’s website.

LNG World News Staff