Nakilat’s six-month net profit declines

Qatar’s Nakilat, the world’s largest liquefied natural gas (LNG) shipper, reported an 18.3 percent drop in net profit for the first half of 2017, compared to the first six months last year. 

The lower profit was mainly attributed to the lower number of charter hire days in the current period compared to the same period last year, Nakilat’s statement reads.

The net profit was also impacted by the effect of changing the estimated scrap value of vessels in accordance with applicable International Accounting Standards and the reduced operations of a few joint ventures.

Nakilat managing director Abdullah Fadhalah Al Sulaiti commented that the company continued growth in all its operations, despite the current economic environment.

He added, “the first half of 2017 has seen successful transitions of four vessels into Nakilat in-house management, bringing total vessels operated by Nakilat to 16 vessels to date.”

In addition, the company has signed a memorandum of understanding with Höegh LNG, forming a strategic alliance to explore floating storage and regasification unit (FSRU) projects.

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.