Page 13 - GLNG Week 42 2022
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GLNG MIDDLE EAST GLNG
Nakilat reports net
profits, revenues
up in Q3-2022
RESULTS NAKILAT, the Qatari LNG shipping company, company pointed to higher rates for LNG tank-
has reported that its net profits and revenues ers. Citing data from Clarksons, it noted that
went up in the third quarter of 2022. spot LNG rates for 160,000-cubic metre DFDE
In a statement, the company said it had (dual fuel-diesel electric) vessels had climbed to
earned a net profit of QAR1.13bn ($310.4mn) $84,000 per day in the third quarter, up by 35%
between July and September of this year, up by y/y, while rates for ME-GI (M-type, Electroni-
13.2% on the figure of QAR1bn ($274.7mn) cally Controlled, Gas Injection) vessels rose to
posted in the same period of 2021. It also said $217,000 per day during the same period, up by
its revenues had amounted to QAR3.26bn 58% y/y.
($895.4mn) in the third quarter, a 6.3% year-on- The statement did not comment on the rea-
year rise on the figure of QAR3.07bn ($843.2mn) sons for the increase in LNG tanker rates, but it is
posted in the same 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 dependent
were offset by increased finance charges. In on Russia for 25-40% of its total gas supplies, but
turn, it said, revenues went up between July and Russian deliveries have dropped significantly
September because of improvements in the per- since the outbreak of war in Ukraine in late Feb-
formance of joint ventures. More specifically, it ruary. Consequently, many European countries
noted that its joint ventures in the area of LNG have been working to diversify their gas supply
transportation and shipyard operations had seen sources and have been importing more LNG.
profits rise by 47.2% y/y.
With respect to LNG transportation, the
Week 42 21•October•2022 www. NEWSBASE .com P13
