Nakilat reports 15.5 percent profit hike

Qatar’s Nakilat, the world’s largest LNG shipper, posted a 15.5 percent rise in first-half profit as it reduced administrative costs and purchased stakes in four vessels.

The Qatari LNG shipping giant posted a net profit of 550 million riyals ($151 million) compared to 476 million riyals in 2019.

Revenue increased 11.3 percent to 2.02 billion riyals ($538.5 million) while general and administrative expenses decreased by 11.7 percent.

Nakilat attributed the rise to additional revenues coming from its acquisition of the remaining 49.9 percent stake in four Q-Flex vessels in October 2019.

Furthermore, the company said it “ensured no disruption to its business” despite the ongoing challenges of the Covid-19 pandemic.

One of the moves that also contributed to the company’s performance was the launch of the second phase of its fleet management transition from Shell.

Nakilat transitioned two LNG vessels in the second quarter.

In addition, the company followed through its fleet expansion plans and took delivery of a newbuild vessel chartered by Qatargas.

Following the delivery of all four LNG newbuilds by end-2021, Nakilat’s fleet will rise to 74 vessels.

These include four LPG carriers and one FSRU.

- Advertisements -

Most Popular

QatarEnergy officially starts work on giant LNG expansion project

State-owned LNG giant QatarEnergy has officially started building its North Field expansion project, which will raise Qatar's LNG production...

Freeport LNG working to place second LNG jetty back in service

Freeport LNG, the operator of the three-train 15 mtpa liquefaction plant in Texas, is working to secure approvals to...

Shell puts large LNG bunkering newbuild to work in Caribbean

LNG giant Shell has completed the first liquefied natural gas bunkering operation in the Caribbean with the 18,000-cbm bunkering...

More News Like This

Maran Gas Coronis delivers first cargo to China’s Nansha LNG terminal

The 2007-built LNG carrier Maran Gas Coronis, owned by a joint venture of Greece's Maran Gas and Qatar's Nakilat,...

Qatar’s Nakilat says profit climbs in H1

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

Qatar’s Nakilat says profit up in Q1

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

Nakilat and HSD Engine ink long-term maintenance deal

South Korea's HSD Engine has secured a long-term service contract from Qatari LNG shipping giant Nakilat. Under the deal, HSD...