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.

Most Popular

CoolCo seeks long-term employment for two LNG carriers

In August, Coolco said it plans to employ its first newbuild LNG vessel, Kool Tiger, on a shorter deal...

BP, partners take FID on $7 billion Tangguh UCC project

BP said in a statement on Thursday the Tangguh Ubadari, CCUS, compression project (UCC) has the potential to unlock...

LNG Canada pipeline enters commercial service

Canada's TC Energy said on Tuesday CGL had executed a commercial agreement with LNG Canada and CGL customers that...

More News Like This

GTT opens Qatar office

French LNG containment giant GTT has opened a new office in Doha, Qatar's capital and economic hub. GTT’s chairman Philippe...

Nakilat’s Q3 profit up 7.2 percent

The firm reported net profit of about 1.28 billion riyals ($352 million) for the quarter. This compares to 1.19 billion riyals in...

Nakilat’s H1 profit climbs 7 percent

The firm reported a net profit of about 829 million riyals ($227 million) for the January-June period, a rise...

Excelerate: Pakistan FSRU wraps up 600th STS LNG transfer

The 150,900-cbm FSRU Exquisite, jointly owned by US FSRU player Excelerate Energy and Qatari LNG shipping giant Nakilat, has...