Qatar’s Nakilat posts record yearly profit

Qatari LNG shipping giant Nakilat reported the highest-ever yearly profit as it continued to expand its fleet and slash administrative costs.

The firm logged a net profit of 1.16 billion riyals ($309.2 million) last year, a rise of 15.7 percent when compared to 1 billion riyals in 2019.

Nakilat reported the record profit even though it logged a slight decrease in the fourth-quarter net profit of some 14 million riyals when compared to the last year.

In addition, 2020 revenue increased 3.4 percent to 4.01 billion riyals despite the impact of the Covid-19 pandemic on the global economy and LNG shipping market, Nakilat said on Sunday.

The firm also said it slashed general and administrative expenses by 28 percent.

During the year, Nakilat completed the second phase of its fleet management transition from Shell taking over full management of seven LNG carriers.

Moreover, the shipping firm took delivery of two ME-GI newbuilds but it also completed the transition of the first FSRU under its management.

Following the delivery of two LNG newbuilds this year, Nakilat’s fleet will rise to 74 vessels. These include four LPG carriers and one FSRU.

- Advertisements -

Most Popular

Chevron working to resume full Gorgon LNG production after ‘mechanical fault’

Chevron Australia, a unit of US energy giant Chevron, is working to resume full production from its Gorgon LNG...

MOL’s LNG carrier fleet to grow to 104 vessels by March 2025

Japan's shipping giant MOL expects its huge fleet of liquefied natural gas (LNG) carriers to increase to 104 vessels...

Gunvor in Italian small-scale LNG move

Geneva-based energy trader Gunvor has signed a non-binding deal to buy liquefied natural gas from LNEnergy's planned small-scale LNG...

More News Like This

Nakilat’s Q1 profit up 6 percent

Qatari LNG shipping giant Nakilat said both its net profit and revenue rose in the first quarter of this...

QatarEnergy picks shipowners for 18 giant LNG carriers

LNG giant QatarEnergy has selected shipowners to own and operate 18 Q-Max LNG carriers as part of its massive...

Hanwha Ocean bags $1.84 billion Qatari LNG carrier order

South Korean shipbuilder Hanwha Ocean, previously known as DSME, has secured an LNG carrier order worth about $1.84 billion...

QatarEnergy, Nakilat seal charter deals for 25 LNG carriers

State-run LNG giant QatarEnergy said it had signed time charter agreements with compatriot shipping firm Nakilat for 25 conventional-size...