Nakilat’s Q1 net profit drops 20.4 pct

Image courtesy of Nakilat

Qatar’s Nakilat, the world’s largest liquefied natural gas (LNG) shipper, saw its first-quarter net profit fall 20.4 percent.

Nakilat reported a first-quarter net profit of 191 million riyals ($50.92m), compared with 240 million riyals in the same period last year.

The Doha-based LNG shipping giant said in a statement that lower scrap value of its vessels and the current economic conditions in the global market were one of the main reasons for the profit drop.

Nakilat’s revenues slid 3.1 percent on year in the quarter under review to 877.5 million riyals.

“Despite the current economic downturn and market volatility, Nakilat has been continuously improving its operational activities which is demonstrated by the successful transition of two vessels in the first quarter of year 2017, bringing total vessels operated by Nakilat to 14 vessels to date,” Nakilat Managing Director Abdullah Fadhalah Al Sulaiti said in the statement.

Nakilat’s fleet comprises of 67 wholly- and jointly-owned LNG and four LPG vessels.

The company’s LNG vessels are chartered through long-term deals with Qatari LNG producers, Qatargas and RasGas.

 

LNG World News Staff

Share this article

Follow LNG World News

Events>

<< Dec 2018 >>
MTWTFSS
26 27 28 29 30 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30
31 1 2 3 4 5 6

Global LNG Forum 2019

Global LNG Forum is your opportunity to see what the future of LNG will be like…

read more >

LNG2019

LNG2019 is presented by the IGU, GTI and IIR, supported by the Shanghai Government and hosted by China LNG Association, China Gas Society, The Chinese Association of Refrigeration and China Gas Association.

read more >

Downstream 2019

Renowned as the most significant global meeting place for Downstream professionals…

read more >