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 year when compared to the same period last year.

The firm reported a net profit of about 396 million riyals ($108.7 million) in the January-March period, a rise of 3.6 percent when compared to 382 million riyals in the same period last year.

Nakilat reported its best-ever yearly profit in 2022 as it expanded the company’s fleet to 74 vessels.

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

Total revenue increased by 5.3 percent year-on-year to 1.12 billion riyals in the first quarter due to higher results from joint ventures and higher interest income, it said.

Citing Clarksons data, Nakilat said spot LNG rates for 160,000-cbm DFDE vessels dropped by 78 percent in the first quarter to $74,000 per day when compared to the prior quarter.

Rates for ME-GI vessels dropped by 53 percent to $120,000 per day in the 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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