LNG

April 25 (LNGJ) - Qatar Gas Transport Co., the national LNG carrier operator also known as Nakilat, posted a first-quarter drop in net profits to 191 million Qatari riyals ($52.5M) compared with 240M riyals in the same quarter of 2016. The shipping line cited a one-off item related to lowering the estimated scrap value of vessels and reduced operations from joint ventures for the fall in earnings. Nakilat is also in the midst of a transition of its LNG fleet operations involving more than 20 vessels previously operated by Shell. Nakilat Managing Director Abdullah Fadhalah Al Sulaiti referred to the transition, saying: “Despite the current economic downturn and market volatility, Nakilat has been continuously improving its operational activities. This is demonstrated by the successful transition of two vessels in the first quarter, bringing the total operated by Nakilat to 14 vessels.