Qatar Shipping expands fleet, posts QR 68 million profit in H1
The Qatar Shipping Co. (Q Ship) has announced it is expanding its fleet to meet the country’s growing energy transport needs. Q Ship has made a profit of 68 million Qatari riyals ($18.7 million) in the first half of 2001, up by QR 46 million over the same period last year.
Q Ships’ general manager, Nassir Said Al-Rumaihi told the Gulf Times that an interim dividend of five percent would be given to shareholders for the first time on August 28. Al-Rumaihi attributed the company’s good performance this year to the significant improvement in freight rates for crude oil and oil products.
According Al-Rumaihi, the company hopes to procure two $185-million vessels in December 2003 and December 2004, for the shipping of Liquefied Natural Gas (LNG) under the RasGas-Petronet deal, reported Gulf Times. Another LNG carrier is expected to join the fleet by September 2004.
Q Ship had recently entered into a $75 million contract with the South Korean company, Shina Shipbuilding, for the delivery of three tankers by mid-2003. As part of the company’s income diversification policy, Q Ship has also taken to provide harbor towage and pilot boats services at Missaid port. Currently, two fully owned pilot boats and four tugboats are in service.
Incorporated in December 1992, Q Ship is a ship owning, operating and managing company with focus on the medium size tankers and combination carriers engaged in transportation of oil, oil products and dry bulk commodities. Q Ship owns and operates a deep-sea fleet comprising seven vessels with an aggregate tonnage of 711,153 deadweight tons (dwt). Q Ship also spot-charters vessels.
Q Ship operates two affreightment contracts, one for the import of iron ore to Misaid for Qatar Steel Company and another for the delivery of Al-Shahin crude to Halul for Qatar Petroleum.
Individuals hold 52 percent of Q Ship shares, while Qatar Petroleum holds 15 percent and Qatar National Navigation and Transport Company own 16 percent. The remaining 17 percent are held by various companies. Since 1999, Q Ship owns 50 percent of two newly built Aframax crude oil tankers, each with a 105,500 dwt capacity, through its joint venture with ExxonMobil. — (Mena Report)
© 2001 Mena Report (www.menareport.com)