Qatari Shipping Giant Sees Record Year

Qatar Gas Transport Company (Nakilat) reported February 17 consolidated net income of Qatari riyals 1bn ($280mn) in 2019, up 12.4% on 2018’s QR 892mn. It said the result, its best ever, was mainly due to the management of its LNG and LPG vessels and from the two additional LNG carriers, one floating storage and regasification unit which it bought in 2018 and the strategic acquisition of the remaining 49.9% of four Q-Flexs in October 2019. Revenue was up 6.8% to QR 3.883bn while general and administrative expenses were down 3.2%.

Nakilat CEO Mohammed Bin Saleh Al Sada said Nakilat had done well from better market conditions and its own implementation of business diversification and resource optimisation strategies.

The company has 69 LNG vessels and four LPG tankers.  Its total assets including its share in all its joint venture assets are more than QR 55.5bn, including the QR 10.6bn Erhama Bin Jaber Al Jalahma Shipyard. The pioneering giant LNG tankers can carry 215,000 m³ LNG (Q-Flex) and 255,000 m³ (Q-Max). they have reliquefaction facilities to reduce boil-off and the economies of scale offer significant fuel savings on long voyages. But not every jetty can accommodate them.