Qatar-based shipping and maritime company Nakilat has proved its resistance in the international maritime industry with its business continuity preparations despite the adverse conditions of the COVID-19 pandemic, its board members said during the firm’s virtual Annual General Meeting (AGM).
Nakilat Chairman Dr. Mohamed bin Saleh al-Sada stated that, “Nakilat remained resilient in continuing to build on our operational response to the pandemic, enabling us to adapt swiftly and ensure business continuity to create value for our shareholders and customers.”
The AGM approved the financial results for 2021 and cash dividends equivalent to $0.033 per share.
While contributing to the development of Qatar’s shipping and maritime industry, Nakilat stands firm in advancing its vision of becoming a global leader in LNG (liquefied natural gas) transportation, Mr. Al-Sada added.
Nakilath is one of the largest energy shipping companies with a fleet of 74 ships. Its fleet comprises 69 LNG carriers, four large liquefied petroleum gas carriers and a floating storage regasification unit (FSRU). Through its in-house ship management, Nakilat oversees the operations of 29 ships, 24 LNG, 4 LPG carriers and one FSRU. Most of Nakilat’s vessels are secured with long-term charters to quality counterparties, thus ensuring a consistent and healthy cash flow for the company.
Point out that local joint ventures at the Erhama Bin Jaber Al Jalahma Shipyard continue to add strategic value to Nakilat’s operations, Mr. Al-Sada updated that last year, Nakilat-Keppel O&M (N-KOM) completed more than 150 repairs for various types of marine vessels and over 27 offshore and industrial engineering projects.
Explaining the strategies adopted at Nakilat, the Board informed shareholders that it was committed to innovation, sustainability and operational excellence and that last year two technologically advanced LNG carriers followed its expansion plans, including new-builds.
“This allowed Nakilat to provide greater fleet capacity and flexibility to its customers and gave the company a significant competitive advantage in the energy transportation sector,” the board meeting added.
Nakilat, Chief Executive Mr. Abdullah Fadhalah Al-Sulaiti remarked Nakilat continued to demonstrate great resilience, reflecting in its operational and financial performance for the year.
“We have done significant upgrades to our digital infrastructures, systems enhancements and other security features at all worksites, including onboard our vessels, as part of our risk management and business continuity preparedness. Amid the challenging business landscape, Nakilat remained steadfast in executing our strategies, sustaining operational efficiencies while ensuring fiscal discipline across all our shipping and maritime operations,” Mr. Al Sulaiti added.