LNG Carrier Giant Nakilat Reports its Most Profitable Year Ever: $370 million
Nakilat, the world's largest LNG carrier operator, declared on 7th February 2022 that 2021 has been its most successful year ever. Over the course of the calendar year, the Qatari firm earned $370 million in net profit, an increase of approximately 17 percent year on year.
According to Nakilat, the COVID-19 epidemic produced an "extremely hard and unpredictable" operating environment for shipping in 2021, yet it still managed to generate extraordinary profits. Reduced financing charges aided in cost reduction, enhancing the bottom line.
"Despite the company's particular challenges, we continued to build on our operational response to the pandemic, allowing us to adjust quickly and maintain business continuation to produce value for our shareholders and customers," stated H.E. Dr. Mohammed Bin Saleh Al Sada, chairman of the Nakilat board.
Nakilat anticipates a growing tide of LNG transportation in the next years, with a global growth rate of 5% per year projected until 2025. Much of the increased volume will come from Qatar's own production: the country is constructing new liquefaction trains in an effort to increase output by 40% by 2026.
Nakilat now runs 74 LNG carriers, the largest fleet of its type, and serves both Qatari and international charterers. That fleet is poised to grow much more in the coming years: Qatari state gas giant Qatar Energy has initiated a multi-year newbuild drive to purchase up to 100 new LNG carriers from South Korean and Chinese yards.