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LNG demand growth brings record year for Nakilat

Nakilat Q-Max LNG carrier Al Mafyar
Qatar Gas Transport Company Ltd (Nakilat) reported a QAR1,354m ($371.9m) profit for 2021, a record for the company.

The annual net profit was a 16.7% increase over 2020’s result, and came despite revenue rising by just 3.1% over the same period. Nakilat attributed its profit increase to higher revenues and savings in finance charges.

The seasonal spike in LNG spot rates was strong in 2021 than in 2020 across the market, which is divided by ships’ engine types. One-year time charter rates across all LNG carrier types have recovered since the outbreak of the pandemic to levels last seen in in late 2018/ early 2019.

In its investor presentation, Nakilat noted Drewry’s estimate of a 6.5% increase in LNG trade in 2021, and a forecast compound annual growth rate of 4.6% for 2021 to 2026. The demand growth is tied to decarbonization of industrial activity and supports the LNG transportation sector.

Nakilat CEO, Eng. Abdullah Al Sulaiti, said: “The company persevered and has managed to sustain its growth momentum while continuing to create value for our shareholders, thanks to the valuable efforts and contributions of our employees and seafarers.”