Qatar Gas Transport Company (Nakilat) concluded its financial results for the nine-month period ended 30 September 2017, with a net profit of QR 607 million (USD 160.3 million), down by 19 pct when compared to last year’s corresponding net profit of QR 749 million.
The lower profit was mainly attributed to the effect of changing the estimated scrap value of vessels in accordance with applicable International Accounting Standards and the lower number of charter hire days in the current period compared to the same period last year, especially when taking into account that 2016 was a leap year.
Nakilat said that during the period it reduced its finance costs due to “timely repayment of the periodic loan installments.”
Qatari-listed shipping company further added that its stable profit was mainly driven by strategic long-term charters for its LNG vessels.
“The company’s prudent and effective strategic planning is well reflected in its successful completion of the first phase of fleet management transition. This along with the agreement signed with Hoegh LNG to collaborate on exploring opportunities within the FSRU market, further solidifies Nakilat’s position as a global leader in energy transportation and maritime services,” the company pointed out.
To remind, in August, Nakilat Shipping Qatar Limited (NSQL), a subsidiary of Nakilat, and Shell International Trading and Shipping Company Limited (Shell) completed the first phase of the management transition of Nakilat’s LNG carriers from Shell to NSQL.
Namely, with the transfer of the 266,370 cbm Q-Max LNG carrier Al Mafyar, ten out of planned 25 LNG vessels were transitioned from Shell to NSQL management in 10 months. Apart from Al Mafyar, the parties completed the management transition of Mozah, Mekaines, Umm Slal, Al Ghuwairiya, Al Dafna, Mesaimeer, Onaiza, Al Ghashamiya and Al Sheehaniya.
As informed, the latest vessel transition brought the fleet size managed by NSQL to 18 vessels, comprising of 14 LNG and 4 LPG carriers.
Shell will continue to manage 15 LNG vessels on behalf of Nakilat pending further transition phases.
“We are constantly exploring and capitalizing on various strategic business opportunities to diversify our business portfolio and align with our vision to be a provider of choice for energy transportation and maritime services,” Nakilat Chief Executive Officer (CEO) Eng. Abdullah Fadhalah Al Sulaiti said.