Nakilat’s Q1 net profit drops 20.4 pct

Qatar’s Nakilat, the world’s largest liquefied natural gas (LNG) shipper, saw its first-quarter net profit fall 20.4 percent.

Nakilat reported a first-quarter net profit of 191 million riyals ($50.92m), compared with 240 million riyals in the same period last year.

The Doha-based LNG shipping giant said in a statement that lower scrap value of its vessels and the current economic conditions in the global market were one of the main reasons for the profit drop.

Nakilat’s revenues slid 3.1 percent on year in the quarter under review to 877.5 million riyals.

“Despite the current economic downturn and market volatility, Nakilat has been continuously improving its operational activities which is demonstrated by the successful transition of two vessels in the first quarter of year 2017, bringing total vessels operated by Nakilat to 14 vessels to date,” Nakilat Managing Director Abdullah Fadhalah Al Sulaiti said in the statement.

Nakilat’s fleet comprises of 67 wholly- and jointly-owned LNG and four LPG vessels.

The company’s LNG vessels are chartered through long-term deals with Qatari LNG producers, Qatargas and RasGas.

LNG World News Staff