Qatar's Nakilat posts 7% profit increase in H1 2024

Qatar's state-owned shipping company Nakilat announced a profit of 829mn riyals ($227mn) for the first half of 2024, marking a 7% increase year/year. The profit growth is attributed to lower depreciation and finance costs. The company's revenue remained steady at 2.28bn riyals.

In 2024, Nakilat achieved significant milestones in its fleet expansion project. The company signed contracts to build six new gas carriers, including two LNG carriers and four LPG/ammonia carriers.

Nakilat also secured long-term contracts with QatarEnergy to charter and operate nine QC-Max LNG carriers, each with a capacity of 271,000 m³, and 25 conventional LNG carriers, each with a capacity of 174,000 m³.

Currently, Nakilat operates a fleet of 69 LNG carriers, four LPG carriers, and one floating storage regasification unit (FSRU). With an order book that includes 36 LNG carriers and four LPG/ammonia carriers, Nakilat's fleet is set to expand to a total of 114 ships once these vessels are completed.