Qatari shipping and maritime company Nakilat’s net profit for first-half 2020 increased 15.5% year-on-year, reaching QAR500 million ($151 million). Revenue increased 11.3% to $555 million and general and administrative expenses decreased by 11.7%.
The company attributed its financial performance to fleet management and realizing additional revenues from the acquisition of the remaining 49.9% of four 217,000-cu m Q-Flex class vessels in October 2019. It also touted the successful commencement of its second phase fleet management transition, with two vessels transitioned in second-quarter 2020.
Nakilat also took delivery of LNG carrier newbuild Global Energy, the first of four newbuilds, which will be commercially and technically managed in-house and chartered by Qatargas (OGJ Online, May 22, 2020). Delivery of the remaining three newbuild LNG carriers by end-2021 will bring Nakilat’s fleet to 74 vessels, about 12% of current global LNG fleet in carrying capacity, according to the company.
Nakilat also noted that it is working to minimize the impact of the COVID-19 pandemic on its shipyard and marine services segment.