Page 10 - MEOG Week 42 2022

MEOG PROJECTS & COMPANIES MEOG

Nakilat reports net profits,

revenues up in Q3-2022

QATAR NAKILAT, the Qatari LNG shipping company, With respect to LNG transportation, the
has reported that its net profits and revenues company pointed to higher rates for LNG tank-
went up in the third quarter of 2022. ers. Citing data from Clarksons, it noted that
In a statement, the company said it had spot LNG rates for 160,000-cubic metre DFDE
earned a net profit of QAR1.13bn ($310.4mn) (dual fuel-diesel electric) vessels had climbed to
between July and September of this year, up by $84,000 per day in the third quarter, up by 35%
13.2% on the figure of QAR1bn ($274.7mn) y/y, while rates for ME-GI (M-type, Electroni-
posted in the same period of 2021. cally Controlled, Gas Injection) vessels rose to
It also said its revenues had amounted to $217,000 per day during the same period, up by
QAR3.26bn ($895.4mn) in the third quar- 58% y/y.
ter, a 6.3% year-on-year rise on the figure of The statement did not comment on the rea-
QAR3.07bn ($843.2mn) posted in the same sons for the increase in LNG tanker rates, but it is
interval of last year. logical to assume that the company has benefited
Nakilat attributed the rise in rise in from shifts in the European natural gas market.
third-quarter profits to higher revenues, which The continent has traditionally been depend-
were offset by increased finance charges. ent on Russia for 25-40% of its total gas supplies,
In turn, it said, revenues went up between July but Russian deliveries have dropped signifi-
and September because of improvements in the cantly since the outbreak of war in Ukraine in
performance of joint ventures. More specifically, late February.
it noted that its joint ventures in the area of LNG Consequently, many European countries
transportation and shipyard operations had seen have been working to diversify their gas supply
profits rise by 47.2% y/y. sources and have been importing more LNG.™

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