Latest news with #AbdullahAlSulaiti
Qatar Tribune
26-05-2025
- Business
- Qatar Tribune
Nakilat announces commencement of construction of 17 new LNG carriers at Korea's 'Hyundai Heavy Industries' Shipyard
SEOUL: Qatar Gas Transport Company (Nakilat) has celebrated a significant milestone with the steel cutting ceremony marking the commencement of construction of 17 LNG vessels at Hyundai Heavy Industries (HHI) Shipyard in Ulsan, South Korea. The vessels are part of QatarEnergy's historic LNG fleet expansion project, which caters for future LNG fleet requirements for its LNG expansion projects, as well as the replacement requirements of some of its existing fleet. The ceremony was attended by senior officials from Nakilat, Hyundai Heavy Industries, along with key stakeholders from the maritime sector, who witnessed the official commencement construction of the advanced vessels. Owned by Nakilat, and built with a capacity of 174,000 cubic meters, the new vessels will be chartered to QatarEnergy affiliates under long-term agreements. On this occasion, Abdullah Al Sulaiti, Chief Executive Officer of Nakilat, commented: "This is another pivotal milestone in Nakilat's journey towards achieving our long-term growth strategy as we continue to modernize and expand our fleet. Our collaboration with QatarEnergy and Hyundai Heavy Industries reflects our continued commitment in support of Qatar's vision in LNG shipping through a world-class fleet and new benchmarks in efficiency, safety, and environmental performance and sustainability. Nakilat remains committed to boosting its position as leader in the global LNG shipping industry." In February 2024, Qatar Gas Transport Company "Nakilat" signed agreements with QatarEnergy to lease and operate 25 conventional size state-of-the-art LNG vessels. This move further strengthens Nakilat's position as a global leader in LNG shipping, with the vessels being constructed at South Korean shipyards. The new carriers feature advanced designs and innovative technologies, reflecting Nakilat's commitment to applying the highest standards of safety and operational excellence, while also promoting greater environmental sustainability. This achievement marks a pivotal step in enhancing the company's capacity to meet the growing demand for LNG transportation and further solidifying its leading position in the industry.
Trade Arabia
28-01-2025
- Business
- Trade Arabia
Nakilat's net profit for FY 2024 surges 5pc to $436m
Qatar Gas Transport Company (Nakilat) has delivered solid results for FY 2024, registering a net profit of QAR1.64 billion ($436 million), up 5.1% over the previous year. Announcing its financial results for the 12-month period ended December 31, 2024, Nakilat said this stable growth underscores Nakilat's operational efficiency, its ability to seize emerging opportunities, which has been evident in our 2024 newbuild announcements and its resilience in navigating the challenges of the global energy transportation market. The Qatari group said 2024 had been a transformative year defined by its strategic vision and operational resilience. Through innovative practices and a focus on excellence, Nakilat has successfully managed the challenges of the global shipping environment, driving sustained growth. Nakilat pointed out that its commitment to meeting the growing demand for clean energy transport continues to take shape. Impressed with the performance, the board of directors has recommended the distribution of cash dividends of QAR7 per share for H2 2024. This is in addition to the half yearly interim cash dividend of QAR7 per share, which was already distributed for H1. With this, the total dividend amount distributed for 2024 has hit QAR14 per share, stated Nakilat in a statement. On the solid results, CEO Engineer Abdullah Al Sulaiti said: "Nakilat's strategic fleet expansion is supported by its focus on achieving the highest standards of occupational health and safety, sustainability and innovation across all aspects of safe and reliable operations to meet the increasing global demand for clean energy transportation." "As the company looks to the future, it remains committed to delivering value to its shareholders and partners ensuring long-term growth and success," stated Al Sulaiti. "Our financial and operational achievements in 2024 reflect the commitment and dedication of our team in delivering clean energy to the world safely and efficiently. These accomplishments are a testament to Nakilat's robust business strategy, its focus on customer-centricity, and its alignment with Qatar National Vision 2030," he added. This year, Nakilat advanced its shipbuilding program with Hyundai Samho Heavy Industries, which includes six advanced gas carriers under construction. This program comprises two LNG carriers, each with a cargo capacity of 174,000 cu m, and four modern LPG/Ammonia carriers, each with a capacity of 88,000 cu m, said the top official. "The fleet expansion strategy is also strengthened by new long-term contracts with QatarEnergy for operating and chartering the nine QC-Max LNG carriers, each with a capacity of 271,000 cu m, and 25 conventional LNG carriers, each with a capacity of 174,000 cu m. Upon completion of these projects, Nakilat's fleet will expand to a total of 114 ships, reinforcing our leadership in clean energy transportation and our capacity to meet growing global energy needs," he noted.
