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 year compared to the same period last year.

The firm reported a net profit of about 775 million riyals ($206.6 million) in the January-June period, a rise of 6.1 percent compared to 730 million riyals in the same period last year.

According to Nakilat, net profit in the first half was driven by higher revenues offset by higher finance charges.

Total revenue increased by 6.9 percent year-on-year to 2.29 billion riyals in the first half due to higher results from joint ventures and higher interest income, it said.

In the first quarter, Nakilat reported net profit of about 396 million riyals and total revenues of 1.12 billion riyals.

Nakilat also said that its expenses rose 7.3 percent to 1.51 billion riyals in the first half due to higher finance charges.

Citing Clarksons data, Nakilat said spot LNG rates for 160,000-cbm DFDE vessels rose by 42 percent in the second quarter to $113,000 per day when compared to the prior quarter.

Rates for ME-GI vessels increased by 28 percent to $147,000 per day in the second quarter.

In October 2021, Nakilat took delivery of the 173,400-cbm Global Sea Spirit, followed by the 174,000-cbm Global Sealine in January last year.

Following these deliveries, Nakilat’s fleet rose to 74 vessels. These include four LPG carriers and one FSRU.

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