Nakilat has reported a net profit of QAR 1.28Bn (US$340M) for the third quarter of 2024, marking a 7.2% increase compared to the same period in 2023.

The company said its growth is being driven by strategic partnerships and fleet modernisation efforts.

Nakilat is progressing with its construction of advanced LNG and LPG / ammonia carriers, with deliveries scheduled in the coming years. 

As of August 2024, the Qatari gas ship owner had inked contracts to build six gas carriers – two LNG carriers and four modern LPG/ammonia carriers.

State-backed QatarEnergy placed a major order with China State Shipbuilding Corp (CSSC)  to construct 18 271,000-m³ LNG carriers. The 18-vessel order for the Q-Max vessels represents the largest single order for newbuild vessels in CSSC’s history. 

Nakilat has since signed long-term contracts with QatarEnergy to charter and operate nine of those Q-Max LNG carriers, in addition to 25 conventional, 174,000-m³ LNG carriers.

In all, this will see Nakilat’s fleet swell to 114 vessels as it aims to consolidate and grow its position in the gas and new energy markets.

At the time, Nakilat chief executive Abdullah Al-Sulaiti said, “2024 is a milestone year for Nakilat’s expansion projects, and our latest financial results with an increase in net profit by 7%, is a testament to the company’s two decades of global operational excellence in maritime services.”

One of the largest LNG fleet owners globally, Nakilat’s chief executive officer said of the company’s Q3 2024 results, “I would like to express my gratitude to the Nakilat team for their dedication, especially in preparing for the implementation of our new fleet construction, the world’s largest LNG vessel-building program for a single owner.”