In its annual meeting, the board of directors stated that despite the current economic challenges, the decrease in the current oil and gas prices and overcapacity in the shipping industry, Nakilat’s would maintain a strong balance sheet.
It also said that it would maintain stable cash flow to support its debt repayment structure and remain resilient to weather volatile market conditions.
“This would allow the company to maintain its leading market position in the transportation of liquefied natural gas (LNG) and capitalize on future opportunities that may arise,” it said in a statement.
Nakilat Managing Director Eng. Abdullah Fadhalah Al Sulaiti said: “Despite the volatile market condition, Nakilat continued to achieve growth and development across our various operations, capitalising on the strength of our integrated businesses and talents within the organization.
“We successfully consolidated the management of 4 wholly-owned LNG carriers to our in-house ship management arm, Nakilat Shipping Qatar Limited (NSQL), in the last quarter of 2016, and embarked on an organization-wide cost optimization exercise to further enhance synergies, while upholding the same high safety and quality standards, across our joint venture operations in Qatar.
“These initiatives together with our sound business strategy have formed a solid foundation for Nakilat to achieve its vision to be a global leader and provider of choice for energy transportation and maritime services.”
Its joint ventures continued their “healthy” contribution to supporting the growth of Qatar’s maritime sector, with major vessel deliveries by them at the Erhama Bin Jaber Al Jalahma Shipyard.
Nakilat-Keppel Offshore and Marine (N-KOM) constructed and delivered the first self-propelled and elevating lift boat built in Qatar to Gulf Drilling International, while Nakilat Damen Shipyards Qatar (NDSQ) delivered eight vessels as part of an 11-vessel order for the New Port Project.
N-KOM has so far completed 135 LNG carriers and 52 offshore and onshore projects; while NDSQ has delivered 35 vessels with five others under construction. It has undertaken as many as 23 yacht refit and repairs.
Although Qatar is its core business, Nakilat’s board said it is ever expanding its global reach by delivering cargoes unrelated to Qatar through its joint venture shipping companies and its liquefied petroleum gas fleet.
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