Nakilat’s Q3 profit climbs

Qatar’s Nakilat, the world’s largest LNG shipper, reported a 23.6 percent rise in third quarter profit as it continued to slash administrative costs.

The Qatari LNG shipping giant logged a net profit of 900 million riyals ($239.9 million) compared to 728 million riyals in 2019.

Revenue increased 12.2 percent to 3.06 billion riyals ($815.8 million) while general and administrative expenses decreased by 18.7 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.

In addition, the company’s ship repair, offshore fabrication, towage and shipping agency businesses remained fully operational throughout this period, despite the ongoing challenges of the Covid-19 pandemic.

Nakilat also said the launch of the second phase of its fleet management transition from Shell contributed to better performance.

The shipping giant transitioned six LNG carriers to in-house management since May 2020.

Following the delivery of three new LNG newbuilds by end-2021, Nakilat’s fleet will rise to 74 vessels. These include four LPG carriers and one FSRU.

- Advertisements -

Most Popular

Tellurian: early works progress at Driftwood LNG site

US LNG firm Tellurian and compatriot engineer Bechtel are moving forward with early site works for the Driftwood LNG...

Cheniere takes FID on Corpus Christi LNG expansion project

US LNG exporting giant Cheniere said on Wednesday it has taken a financial investment decision on Stage 3 expansion...

Samsung Heavy to build 14 LNG carriers for about $3 billion

South Korean shipbuilder Samsung Heavy Industries has won orders to build in total 14 LNG carriers worth about $3...

More News Like This

Poland’s Seatech wins contract from Seapeak to support LNG carrier quarter

Poland's Seatech Engineering said it has won a contract from LNG carrier operator Seapeak, previously known as Teekay LNG,...

Qatar’s Milaha says CEO steps down

Qatar's Milaha, a major shareholder in LNG shipping giant Nakilat, said its president and CEO, Abdulrahman Essa Al-Mannai, has...

Qatar’s Nakilat says Q1 profit climbs 19.3 percent

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

GTT to support Nakilat’s LNG fleet

French LNG containment specialist GTT revealed on Monday it has signed a technical service agreement with Qatari shipping giant...