Qatar’s Nakilat has turned in improved first-half results after growing its fleet and trimming costs.
It posted a net profit of QAR 550m ($151m) for the first six months of this year, up 15.5% on the QAR 476m logged in the same period of 2019.
Revenue climbed by more than 11% to QAR 2bn.
Nakilat said one of the key reasons for the positive figures was the start of the second phase of its fleet management transition process, which has seen two LNG carriers shifted over to its Doha operations in the second quarter.
The company recently announced the transition of a third ship, the 266,000-cbm Bu Samra (built 2008), bringing the number of vessels managed by Nakilat Shipping Qatar to 22.
In addition, the company has taken delivery of an LNG carrier, the 173,400-cbm newbuilding Global Energy, which will be commercially and technically managed in-house. Confirming TradeWinds' report last month, Nakilat said this ship will be chartered by Qatargas.
Global Energy is the first of four LNG carriers in which Nakilat holds a 60% stake under Global Shipping Co, a joint venture with Maran Gas Maritime.
A sistership — Global Star — is set for delivery this year, with a pair of newbuildings to follow in 2021. No employment has been announced for these ships.
Nakilat also said it cut general and administrative expense by 11.7%.
The Qatar-listed company said that despite the “ongoing challenges” of the global pandemic, through its management of its LNG and LPG vessels it “ensured no disruption to its business”.
“This demonstrates the company’s commitment to provide shipping and maritime services in a safe, reliable and efficient manner,” Nakilat said.
Chief executive Abdullah Al Sulaiti said: “The company’s sustained financial performance bears testament to our ongoing strategy on enhancing efficiency, rationalising expenditures, reduction of operational and administrative costs, as well as creating innovative solutions to uphold operational excellence in our services, without compromising safety and quality across our integrated operations.”
Al Sulaiti referenced the company’s strategy to expand its international presence.
He said: “While we remain focused on achieving our strategic goals, we are also continually assessing the market and our current investments in relation to profitability to address any risk involved for the company and our shareholders."
Nakilat operates a fleet of 74 vessels — 69 LNG carriers, four of which are newbuildings; four LPG vessels; and a floating storage and regasification unit.
