Nakilat Posts Q1 Profit Boost

The Qatari owner of the biggest LNG vessels Nakilat reported a first-quarter profit of Qatari riyal 217mn ($59.6mn), up 13% from QR 191.4mn in the same period last year.

The company, whose fleet is the world's largest and includes the giant Q-Max and smaller Q-Flex tankers, attributed the rise to more rational operations and the growth of its international portfolio through the recent expansion with Maran Gas Ventures which gave it two additional carriers, bringing the total to 69 vessels, it said. It did not comment on the relatively higher demand for LNG in Q1 2018 compared with the slacker period a year ago.

The company "has managed to maintain a steady cashflow and generate positive value for its shareholders, by capitalising on profitable business growth." 

This was achieved without cutting any corners in health and safety: it has won the highest rating attainable in the comprehensive Occupational Health and Safety audit by British Safety Council (BSC). Nakilat operates the fleet with Anglo-Dutch major Shell, but plans to take over the business entirely.