MIDDLE EAST • QATAR Erhama Bin Jaber Al Jalahma Shipyard
management role is a strategic move towards realizing Nakilat’s vision, to be a global leader and provider of choice for energy transportation and maritime services, and ultimately contributes to the integrated maritime industry in Qatar,’ states Al-Sulaiti.
Nakilat – sailing in the right direction
‘Furthermore, Nakilat is one of the few shipping companies holding a very high credit rating profile, lowering the cost of funding compared the rest of the industry.’
In a year of transition for the industry as a whole, its subsidiary Nakilat Shipping Qatar Limited (NSQL) began its phased transition of the
management of 25 vessels – 14 Q-Max and 11 Q-Flex LNG carriers – from oil major Shell.
Eng. Abdullah Al-Sulaiti, Nakilat md
Conditions have been challenging to say the least in the last 12 months, but there are genuine grounds for optimism at Nakilat, with the company posting positive financial figures for 2016 and beginning an important phase of transition.
The organisation posted profits of 955m riyals ($262m) over the 12 months, with profits of 207m riyals in Q4.
Speaking to Seatrade Maritime Review, managing director Eng. Abdullah Al- Sulaiti points out that Nakilat ‘has the unique advantage of being strategically based in the most significant LNG hub in the world. The company’s resilient financial performance, despite the current economic climate, is attributed to the prudence and effectiveness of its long- term business strategies. On this basis, the majority of Nakilat’s revenue is attached with long-term fixed contracts with high credit-worthy counterparties.
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Al-Sulaiti describes the move as the ‘most significant achievement of the company’ to have taken place over the last 12 months and is keen to stress that rather than it being a knee- jerk reaction to market conditions, the transition has been in the works for some time.
‘Since the strategic alliance between Nakilat and Shell International Trading and Shipping Company Limited (STASCO) was formed in 2006, there has been an understanding that this transition would take place. The agreement between STASCO and Nakilat allowed time to build-up our resources and capacity for the transition,’ he says.
Nakilat took over the management of four of these Q-Max LNG carriers in 2016, and two other vessels as of March 2017, with more vessels scheduled for transition during the course of 2017. Eventually, all wholly- owned Q-Flex and Q-Max vessels will be transitioned to NSQL.
‘The expansion of NSQL’s ship
‘The management of vessels centrally from Qatar allows Nakilat to strategically capitalize on its existing skill base and expertise. We expect to realise operational efficiencies and optimise cost. Moreover, it will further strengthen the working relationship established with two of our key customers, charterers QatarGas and RasGas, who are also based in Qatar.’
Nakilat’s other subsidiaries are also pulling their weight. Nakilat-Keppel Offshore & Marine constructed and delivered a self-propelled and elevating liftboat last year and signed several strategic memorandums of understanding to further expand its ship repair services
Nakilat Damen Shipyards Qatar delivered all 11 newbuild vessels to new Hamad Port Project as part of an eleven-vessel order, as well as a support vessel, bringing the total number of newbuilds delivered by NDSQ to 38 vessels to date, while Nakilat Agency Company (NAC) extended its port agency services to include all ports and terminals in Qatar
In addition, Nakilat SvitzerWijsmuller carrier out 12,500 towage jobs in a safe and timely manner, achieving more than 4m exposure hours without any lost time incidents.
Looking forward, Al-Sulaiti concludes: ‘Nakilat will continue to pursue long- term business opportunities within the LNG value chain in order to maintain its current market dominance and to expand its leading role in a promising LNG era.
‘Nakilat’s goal is to increase the number of LNG carriers under its management in the next 12 months and at the same time, screen the global LNG market in order to identify attractive business opportunities for Nakilat’s future.’
Seatrade Maritime Review • Quarterly Issue 2 • June 2017 63
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