Improved operational performance of its LNG and LPG vessel fleet boosted results of Qatari state-run shipping line Nakilat for the nine-month period ended 30 September by 10.5% year-on-year
Nakilat reported net profits of QR728M (US$200M) up from QR659M (US$181M) in 2018.
Nakilat revenues also benefited from two additional LNG carriers and one floating storage regasification unit (FSRU) acquired in 2018, and higher LPG shipping rates worldwide. Furthermore, Nakilat reduced operational expenses during this period.
Other successes highlighted by Nakilat chief executive Abdullah Fadhalah Al Sulaiti during the nine-month period were an “encouraging volume of projects at the Erhama Bin Jaber Al Jalahma Shipyard” and “the successful delivery of the Bul Hanine fabrication project for Qatar Petroleum.”
Mr Al Sulaiti added that Nakilat expects “to take on greater ship management responsibilities following the second phase of the LNG fleet management transition from Shell, management transition an FSRU, and add four newbuild LNG carriers to its fleet.”
As reported previously, Nakilat purchased US-based Seaway International’s 49.9% stake in four Q-Flex LNG carriers for US$123M.
As a result of the sale and purchase agreement, Nakilat wholly owns 29 LNG vessels, out of its overall fleet of 69 LNG carriers, four LPG vessels and one FSRU.