Qatar’s Nakilat says H1 profit climbs 15 percent

Qatari LNG shipping giant Nakilat said both its net profit and revenue rose in the first half of this year when compared to the same period last year.

The firm reported a net profit of about 730 million riyals ($200.5 million) in the January-June period, a rise of 14.8 percent when compared to 636 million riyals in the same period last year.

Nakilat’s net profit reached 382 million riyals in the first quarter of this year.

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

Total revenue increased by 6.3 percent year-on-year to 2.14 billion riyals in the January-June period mainly due to higher results from joint ventures, it said.

Citing Clarksons data, Nakilat said spot LNG rates for 160,000-cbm DFDE vessels rose 70 percent in the second quarter to $60,000 per year when compared to the prior quarter.

Rates for ME-GI vessels rose 48 percent to $149,000 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 this year.

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

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