Nakilat keeps sailing on solid infrastructure, business continuity plans
March 02 2021 11:15 PM
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Nakilat has held its AGM virtually where shareholders were briefed about its solid business continui
Nakilat has held its AGM virtually where shareholders were briefed about its solid business continui

Nakilat, with a fleet strength of 74 vessels, has been able to navigate the unprecedented challenges to its operations in 2020, thanks to its solid business continuity plans and infrastructure, according to its top official.

"The company’s solid business continuity plans and infrastructure enabled us to swiftly adapt to the situation and allowed us to remain focused on creating value for our shareholders and customers," Nakilat chairman Dr Mohamed bin Saleh al-Sada on Tuesday told shareholders at the annual general assembly, which approved the cash dividend of QR0.11 a share.

This past year has been one unlike any other, with the Covid-19 pandemic reshaping the definition of the normal and creating a new ‘normal’ of living and working, he said, adding "like the rest of the global shipping and maritime industry, the company has had to navigate unprecedented challenges to its operations."

He highlighted that the safe completion of the second phase fleet management transition involving seven liquefied natural gas (LNG) carriers, delivery of a MEGI LNG new build, as well as the first FSRU (floating storage regasification unit) transition to NSQL-management, were all accomplished within less than a year, under trying circumstances and with many restrictions in place.

"These achievements are no mean feat for any shipping company and bear strong testament to our commitment in maintaining our leadership in energy transportation, while simultaneously supporting the country’s position as the top exporter of clean energy worldwide," he said.

As of now, Nakilat's fleet comprises the world’s largest LNG fleet with 69 carriers, one FSRU and four large LPG (liquefied petroleum gas) carriers. The majority of Nakilat’s vessels are fixed with long-term world-class charterers, generating a steady and healthy cash flow for the company.

Through its in-house ship management, Nakilat operates and manages 27 vessels comprising 22 LNG, four LPG carriers and one FSRU.

Nakilat’s integrated shipping and maritime operations include ship repair, offshore fabrication as well as diverse maritime services, all of which contribute towards developing Qatar as a strategic shipping and maritime hub, he said.

Nakilat chief executive Abdullah al-Sulaiti said complementing the growth on the LNG shipping front, its joint venture N-KOM delivered the first offshore fabrication living quarters to be constructed locally for Qatargas’ NFB Living Quarters Expansion project.

"The safe and timely project delivery not only indicates N-KOM’s capability in handling complex offshore fabrication projects but also, further reinforces our position as a global leader and provider of choice for energy transportation and maritime services," he said, adding "the future holds much promise for Nakilat, and we are confident in continuing to deliver value for our shareholders while bringing the company to greater heights."

 



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