Qatar’s Nakilat says profit climbs in Q3

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

The firm reported a net profit of about 1.13 billion riyals ($310.3 million) in the July-September period, a rise of 13.2 percent when compared to 1 billion riyals in the same period last year.

Nakilat’s net profit reached about 730 million riyals in the January-June period this year.

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

Total revenue increased by 6.3 percent year-on-year to 3.26 billion riyals in the third quarter due to higher results from joint ventures, it said.

Profits of joint venture companies operating in LNG transportation and shipyard increased by 47.2 percent, the firm said.

Citing Clarksons data, Nakilat said spot LNG rates for 160,000-cbm DFDE vessels rose 35 percent in the third quarter to $84,000 per day when compared to the prior quarter.

Rates for ME-GI vessels rose 58 percent to $217,000 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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