Qatar’s Nakilat says Q1 profit climbs 19.3 percent

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 logged a net profit of about 382 million riyals ($104.9 million) in the January-March period, a rise of 19.3 percent when compared to 320.1 million riyals in the same quarter last year.

Nakilat attributed the rise to higher revenues and savings in finance charges.

The company said its revenue had reached about 1.06 billion riyals ($291.1 million) in the quarter, up 5.6 percent year-on-year due to higher results from joint ventures.

In addition, Nakilat managed to cut operating expenses by 0.7 percent to 682 million riyals.

Citing Clarksons data, Nakilat said spot LNG rates for 160,000-cbm DFDE vessels had dropped 77 percent in the first quarter to $35,000 per year when compared to the prior quarter.

Rates for ME-GI vessels dipped 59 percent to $63,000 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.

“We are very pleased to report a stellar earnings result for the first quarter 2022, which reiterates the resilient business model that Nakilat has built over the years,” Nakilat’s CEO Abdullah Al Sulaiti, said.

“Against the current backdrop of global economic environment and the long-term needs for diversified, secure and reliable energy transportation solutions, Nakilat shall continue to grow its assets portfolio and generate sustainable return for its shareholders,” he said.

- Advertisements -

Most Popular

Golden Pass LNG to speed up pipeline construction

QatarEnergy and ExxonMobil are seeking approval from US energy regulators to increase the peak workforce to speed up the...

US FERC to decide on Venture Global’s CP2 LNG project

The US FERC is set to decide next week on Venture Global LNG's proposed CP2 LNG project in Louisiana. According...

Singapore LNG bunkering volumes hit new record

Singapore’s liquefied natural gas (LNG) bunkering sales reached a new record in May, according to Singapore’s Maritime and Port...

More News Like This

QatarEnergy, Nakilat ink charter deal for nine giant LNG carriers

State-run LNG giant QatarEnergy has signed a time charter and operation agreement with compatriot shipping firm Nakilat for nine...

Nakilat’s Q1 profit up 6 percent

Qatari LNG shipping giant Nakilat said both its net profit and revenue rose in the first quarter of this...

QatarEnergy picks shipowners for 18 giant LNG carriers

LNG giant QatarEnergy has selected shipowners to own and operate 18 Q-Max LNG carriers as part of its massive...

Hanwha Ocean bags $1.84 billion Qatari LNG carrier order

South Korean shipbuilder Hanwha Ocean, previously known as DSME, has secured an LNG carrier order worth about $1.84 billion...