LNG

Qatar Gas Transport Company, known as Nakilat and a global leader in liquefied natural gas shipping that is expanding its fleet to 80 ships through 2027, reported a more than 8 percent jump in annual net profits.

Qatar Gas Transport Company, known as Nakilat and with an LNG fleet of 69 vessels, has posted record net profits as demand for deliveries soared around the world.

Oct 21 (LNGJ) - Qatar Gas Transport Co., also known as Nakilat, posted nine-month results showing a 10.5 percent rise in net profits of 728 million Qatari riyals ($200M) versus 659M riyals during the same period of 2018.

   “Nakilat’s positive financial performance can be primarily attributed to better operational performance in managing its LNG and liquefied petroleum gas vessels,” said the company. It also realized higher revenues on additional income from the acquisition of two additional LNG carriers and one floating storage regasification unit (FSRU) in 2018, as well as higher LPG shipping rates worldwide.

   “Nakilat’s strong financial performance bears testament to the company’s ongoing emphasis and continuous improvements to remain competitive within the global energy transportation market, sustaining healthy cashflow and generating steady returns for our shareholders, said Nakilat Chief Executive Abdullah Fadhalah Al Sulaiti.

International Seaways, a leading US tanker company providing vessels mostly for the crude oil and petroleum products markets, has ended its LNG presence by selling its stake in four Q-Flex LNG carriers held in a joint venture with Qatar Gas Transport Co.