Nakilat does not miss shipments despite economic blockade

Nakilat, which has seen $11bn investments in its liquefied natural gas (LNG) carriers, has not missed any shipment worldwide despite the economic blockade on Qatar. The company also finds immense potential to sell LNG into new markets as floating storage and regasification units are one of the fastest growing global LNG business segments in recent years. It has already signed agreement with Hoegh LNG in this regard.

The company is “taking calculated measures to ensure no interruptions or impact to its worldwide operations, and has not missed a single shipment worldwide even under the unjust blockade imposed on Qatar by neighbouring countries and the challenges of the global energy industry,” Nakilat vice chairman Ahmed Saif al-Sulaiti told shareholders at the annual general assembly which approved 10% cash dividend.

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Al-Sulaiti addressing shareholders at Nakilat’s annual general assembly yesterday. PICTURE: Thajuddin

Nakilat prudently charted its course and pursued a long-term business consolidation and diversification strategy, which included the expansion of its ship management activities, he said, adding it proved its resilience by successfully deploying strategic steps to maintain its global leadership in LNG transportation, and the integral role it plays in Qatar’s LNG supply chain. In its annual report for 2017, Nakilat highlighted that its LNG carriers represent a total investment of about $11bn and have a combined carrying capacity of more than 9mn cubic metres or 12% of the world capacity.Nakilat’s fleet of 63 LNG and four large liquefied petroleum gas carriers is one of the world’s youngest and largest gas fleets.

The transition of ten additional LNG carriers to its in-house managed fleet in 2017 has led to significant improvement in the company’s fleet operational efficiency of 99.7% and reduction of operational costs, al-Sulaiti said. “Looking forward, we will continue to steer on steadily with our strategic business plans and effective risk management to continue delivering positive value to our shareholders, and towards achieving our vision to be a global leader and provider of choice for energy transportation and maritime services,” Nakilat chief executive Abdullah Fadhalah al-Sulaiti said.

Sources and photo-credits: Gulf Times