Seatrade-Maritime: Nakilat first quarter profit holds despite Gulf challenges

Qatari shipping group Nakilat announced a first quarter 2026 profit of QAR439m ($120.4m), improving on QAR433m in the first quarter of 2025 and QAR375m in Q4 2025.

In its investor presentation for the quarter, Nakilat said it remained unaffected by recent market trends due to its “long-term, high-quality charter contracts driving an upward trend of profitability.”

CEO Abdullah Al Sulaiti said Nakilat was able to maintain its operational performance despite geopolitical challenges and that the company had taken “immediate and effective measures to rationalise expenses and reduce negative impact across its various business sectors, especially in dry dock facilities, agency services, and towing services, which witnessed a noticeable decline in their operating rates.”

Qatar’s location in the Arabian Gulf means its ocean transport links to most of the world require passing the Strait of Hormuz, which has been subject to on-and-off blockades by Iran and the US since attacks on Iran began at the end of February. 

Qatar’s LNG infrastructure has also been the target of Iranian attacks. QatarEnergy’s CEO said in mid-March that 17% of the nation’s LNG capacity had been knocked out for up to five years by such attacks.

Nakilat’s fleet is set to expand to 112 vessels upon completion of an ambitious newbuild programme, which includes 27 LNG carriers, nine QC-Max LNG carriers, and four LPG/ammonia carriers. The fleet on the water stands at 72 vessels, 69 of which are LNG carriers.

Nakilat’s fleet expansion strategy was built on the expectation of continued growth in global LNG production — its investor presentation shows projections of an 80% increase in global liquefaction capacity from the end of 2025 to the end of 2031.

The company’s LNG shipping market update showed increases in multi-month, spot, and one-year charter rates for LNG carriers.