Qatari Nakilat 2016 Profit Down Almost 3%

Qatari Nakilat February 20 reported 2016 full year profit of Qatari riyal 955mn ($262mn), a drop of 2.9% on year. According to a statement issued by the LNG fleet operator, it is pursuing a prudent and balanced strategy of strengthening its balance sheet, capitalising on profitable business growth, and achieving cost consolidations.

Last October, Nakilat began the process of planned phased transition of the management of Nakilat’s LNG fleet from Shell to Nakilat Shipping Qatar (NSQL) a wholly owned subsidiary of Nakilat. Shell has managed Nakilat’s LNG fleet since it was established in 2006. These included the ship management of 14 Q-Max and 11 Q-Flex LNG carriers and the sharing of Shell’s shipping and maritime expertise. 

February 5, the company said it has assumed full ship management and operations of Q-Max LNG carrier Al Dafna, the fifth Q-Max LNG vessel that will come under the management of NSQL, bringing the total number of vessels managed by NSQL to 13, comprising of 9 LNG and 4 LPG carriers.

This will be the world's largest transition of an LNG fleet operation, according to the Qatari firm. The 25 vessels have so far delivered over 320mn m³ of Qatar’s LNG to over 20 countries. 

Shardul Sharma