Nakilat’s Q1 profit climbs

Qatar’s Nakilat, the world’s largest liquefied natural gas (LNG) shipping company, reported on Tuesday a 13 percent rise in its quarterly net profit.

Nakilat said its first-quarter net profit was at 217 million Qatari Riyals ($59.6m) as compared to 191.4 million Qatari Riyals in the same period last year.

The company has “managed to achieve positive results across its operations through rationalization of operational expenses, enhanced operational efficiency, and growth of its international portfolio through the recent expansion with Maran Gas Ventures,” it said.

To remind, Nakilat announced in March it had expanded its joint venture partnership with Greek shipping company Maran to include two additional LNG vessels.

This deal increased the number of vessels jointly-owned by the duo from 13 to 15 vessels also boosting Nakilat’s total fleet to 69 vessels.