2024 Annual Report
This year has been pivotal for Nakilat, marking two decades of achievements and underscoring its role as a resilient leader in LNG shipping and maritime services. Despite shifting global market dynamics and new industry challenges, Nakilat has continued to innovate and adapt, demonstrating strategic foresight and a steadfast commitment to excellence. Key achievements in 2024 include maintaining the highest standards of occupational health, safety, and environmental sustainability.
Board of Directors Report
“It is with great pride that I, on behalf of Nakilat’s Board of Directors, present the Annual Report for the year 2024.
This year has been a pivotal one, not only marking two decades of achievements but also underscoring Nakilat’s role as a resilient leader in LNG shipping and maritime services. Through shifting global market dynamics and new industry challenges, Nakilat has continued to innovate and adapt, demonstrating both strategic foresight and steadfast commitment to excellence. This year, more than ever, we have built upon our strong foundation, driving sustainable growth and preparing for the opportunities that lie ahead in an evolving energy landscape.”
MR. ABDULAZIZ AL-MUFTAH – Chairman of the Board
CEO message
Eng. Abdullah Al-Sulaiti – Chief Executive Officer
FINANCIAL HIGHLIGHTS
REVENUE
billion(QAR)
NET PROFIT
billion(QAR)
EARNINGS PER SHARE
(QAR)
TOTAL ASSETS
billion(QAR)
EXPLORE THE ANNUAL REPORT
Corporate Strategy
Corporate Governance
Corporate governance involves a framework of rules and practices designed to ensure that companies operate within a transparent and appropriate decision-making structure, safeguarding the interests of all stakeholders and shareholders. Nakilat’s board of directors and senior management aim to build long-term relationships with stakeholders and maintain the highest standards of ethical behaviour, accountability, transparency, and fairness across all business operations.
Nakilat believes that adopting the best governance practices and standards will enable it to achieve transparency, integrity, and trust in its financial data, thereby enhancing the confidence of creditors, lenders, and shareholders in the company, as well as helping investors make informed investment decisions. Nakilat views governance as a framework that aligns all stakeholders to unite behind the company’s goal to provide clean and reliable energy transportation to improve the quality of life for people worldwide.
Recognizing the essential connection between effective governance and strong financial performance, Nakilat is dedicated to upholding leading governance practices and adhering to the governance code established by the Qatar Financial Markets Authority (QFMA). Our governance report, reflects our commitment to complying with all relevant regulatory requirements. This report is made available to all relevant stakeholders and the public through Nakilat’s website, ensuring transparency and accountability in our governance practices.
Operational Highlights
Fleet
- As global market changes and challenges continued in 2024 within the maritime industry, Nakilat has continued to adapt to all circumstances, demonstrating its strategic vision and reaffirming our unwavering commitment to excellence over two decades of achievements. This year, more than ever, we have achieved sustainable growth in preparation for future opportunities in the evolving energy transport sector.
- Our fleet is one of the largest LNG transport fleets in the world, consisting of 74 vessels, including 69 LNG carriers, 4 large LPG carriers, and 1 FSRU. This makes it a key pillar in the global LNG supply chain from Qatar, providing a reliable transport link with a total cargo capacity exceeding 14 million cubic meters, which is approximately 12% of the global LNG shipping capacity. Nakilat also manages and operates 30 vessels, including 25 LNG carriers, 4 LPG carriers, and 1 FSRU. We continue to achieve operational success with steady revenues from long-term contracts with globally trusted partners, such as QatarEnergy LNG and Cheniere.
- FSRU (Exquisite) achieved a significant milestone by completing 600 ship-to-ship (STS) operations safely in June 2024. By the end of the year, the unit has completed 72 STS operations safely.
- Nakilat vessels played a key role in the clearance process of various new global terminals, adhering to the highest standards of safety and efficiency. We engage with our customers on a regular basis to ensure flawless service that exceed customer expectations. In 2024, Nakilat safely and efficiently executed 11 dry dockings without any accident or incidents.
Shipyard
- Qatar Shipyard Technology Solutions
- Achieved Zero Lost Time Injuries (LTI) recording a total of 7.9 million hours LTI free.
- Accomplished its 300th LNG carrier dry docking project since 2011.
- Completed more than 183 ship and rig repair and fabrication projects in 2024.
- Received the Sector award 2024 – Onshore Major Hazard from the British Safety Council for maintaining safety standards and managing major hazards in shipyard operations.
- Qatar Fabrication Company (QFAB)
- Commenced fabrication of four wellhead platform topsides and subsea structures for the QatarEnergy LNG North Field Expansion Project (NFXP / NFE).
- Commenced fabrication of subsea structures for the QatarEnergy LNG North Field Production Sustainability (NFPS) Offshore Fuel Gas Pipelines and Subsea Cables Project (COMP1).
- Achieved the milestone of 10 million work hours without a Lost Time Injury (LTI), reiterating the company’s commitment to safety
Marine Services
- Nakilat Agency Company (NAC)
- Celebrated 19 years of operations, offering 24/7 agency services to over 70,000 vessels without any service failures and lost time incidents (LTI’s).
- Completed 7 years of strategic partnership with our largest chartering customer to provide global agency services across both load ports in Ras Laffan and over 50 destination port.
- Continued large contract wins in support of the North Field Expansion to support Qatar’s E&P industry and renewed several others on better terms to support our business strategy.
- Continued growth seen at Doha Heliport and Hamad port through the addition of targeted resources to support the development of maritime services in Qatar beyond the QatarEnergy managed ports of Ras Laffan and Mesaieed.
- Facilitated over 14,000 crew movements during the year (including medical attendance and ship-to-ship transfers) in support of Qatar’s hydrocarbon export logistics.
- NSW
- NSW accrued 16.08 million work exposure hours without incurring Loss Time Incidents (LTIs).
- Welcomed 5 new vessels to support QatarEnergy’s operation in Halul Island, alongside a fleet of 3 wellhead maintenance vessels and 2 line boats to transport crew and harbor crafts.
- Maintained high demand operation of 14,091 tug jobs in 2024 to support QatarEnergy’s operations in Ras Laffan Port.
- Upholding high reliability standards by reaching 99.69% technical availability
- Vessel Support Services (VSU)
- Around 3385 orders of various types have been handled by VSU services at Ras Laffan for Nakilat-owned, joint-venture and third-party vessels.
- The number of clearance and delivery transactions in 2024 was 4442, equalling an average of around 370 movements per month.
Sustainability at Nakilat
Nakilat and its joint ventures (JVs) are committed to Qatar National Vision 2030, which outlines the development of a sustainable future for the State of Qatar. As an organization, we conduct various safety and internal development programs to ensure the creation of a safe and reliable workforce, while our robust corporate social responsibility (CSR) framework aims to enrich the lives of local communities and preserve our natural environment.
Our sustainability commitment comprises several key elements, and among our highlights this year include:
Safety Excellence
Safety, Health, Environment and Quality (SHEQ) is top priority for us and we ensure to operate in a safe, reliable and efficient manner within our society and natural environment. The fundamentals of how we deliver safe and reliable operations remain our focus.
We believe that all incidents and injuries are preventable, hence we strive to create an Incident and Injury Free (IIF) environment both at the workplace and at home. Through significant investment in our people, processes, and equipment. Nakilat’s safety performance continues to be excellent and has led to the achievement of industry leading results in comparison to the benchmarked average of our peer group.
Crew Welfare
People are the solid foundation of the organization’s success, and they contribute to operational excellence. Crew welfare is one of the Company’s highest priorities.
Nakilat has developed initiatives towards improving work-life balance for crew members by not only monitoring the workload but also by enhancing our training program. We have introduced promotion programs for junior engineers and cadets and improved rotation schedules. We have taken several measures to support improved lifestyle onboard. For example, enabling our seafarers to take advantage of high-speed internet onboard, to stay in touch with their families, which is provided by communications equipment in combination with effective cybersecurity management.
Nakilat continues to monitor and evaluate through an employee feedback survey utilizing an independent third-party professional organization to identify the perception of our seafarers against the measures we are putting in place for their wellbeing as well as their job satisfaction.
This involved introducing healthy mental wellbeing initiatives to support establishing a positive environment onboard. New projects are focused on continuity of improvement of condition for seafarers. Nakilat continued building high calibre resources in line with our vision on project expansion. 2024 was an exceptional year on training and development of Qatari seafarers, enabling them to reach senior ranks.
Furthermore, tailored programs have been completed for national officers covering shore-based training for various ranks on ship-simulation, bridge-team management, navigational-skills assessment & development programs to support improved maritime skills.
Human Capital & Capability Development
Our commitment towards professional and personal development of our employees, remained as a major focus during 2024. Nakilat continued to adopt a blended learning approach, which resulted in 80% of our training programs being delivered virtually.
A considerable 7,799 hours of training was delivered by experts from both external providers and our internal subject matter experts to employees across Nakilat.
Our Learning Academy, established in 2021, continuously served as a hub of profound learning through 2024, offering employees access to an extensive array of over 22,000 courses and resources through e-learning and LinkedIn learning programs.
Our commitment to nurturing future leadership within our business remained a major focus through the implementation of succession planning.
