S’hail Shipping to acquire two more vessels early next year

Doha-based S’hail Shipping and Maritime Services, one of the fast growing shipping companies in the region, has announced to expand its fleet size. The Qatari maritime company, which specialises in providing drybulk transportation services across the world, has announced to buy two more modern vessels to expand its fleet and global operations, said the company’s chairman.

The additional vessels, which are expected to be acquired by early next year, will take the total number of S’hail Shipping’s fleet to nine. In May this year, S’hail had signed an agreement to acquire two bulk carriers for a total consideration of QR75m ($20.6m). The latest ships— S’hail Al Rayan and S’hail Al Dukhan— which were slated to join the fleet by June taking the total number of vessels to seven.

Within a short span of time, S’hail Shipping and Maritime Services, has registered a significant growth despite the blockade given the fact it was established to operate in Gulf waters with an aim to import gabbros and other drybulk from neighbouring countries, but due to the ongoing siege, it was compelled to operate internationally.

“We established the company in 2017 with four large vessels aiming to import drybulk such as gabbro and other commodities, including primary materials to be used in Qatar’s construction industry. Soon after we started operations, we met with the economic embargo imposed by our neighbouring countries and our vessels faced difficulties in navigating in the Arabian Gulf, and then we decided to expand our operations to worldwide, and we are doing good,” Mohammad Khalifa Al Sada, CMD of S’hail, told The Peninsula.

He was talking to this newspaper on the sidelines of Road Exhibition & One Belt One Road Conference, which concluded yesterday at DECC.

Al Sada added: “Today our fleet is providing services to many big clients located across the world, including China, the US, Canada, Brazil, Singapore and many other countries. We are a 100 percent Qatari company and expanding our operations globally. We started with four ships but today we have seven and planning to buy two more early next year. Every year we are adding one or two ships and enhancing our presence. Our fleet is consisting of only very large vessels with the capacity between 70-80 thousand tones each.” The company is now planning to diversify its operations and get into offshore business serving the oil industry, and collaborating with a Singapore-based company to bid for tenders in the coming days.

He said that currently S’hail’s operation is limited to only foreign markets given the nature if its services, but if the opportunities come, it is ready to serve the local market as well and can transport drybulk such as gabbro, cement, steel, wheat, rice, soybeans and other stuff.

Commenting about the financing of the upcoming vessels, S’hail Shipping CEO Rajiv Pal said that the vessels will be fully funded by Qatar Development Bank. And the company is also working to expand its operation into offshore business, which would primarily serve to Qatari companies, particularly Qatar Petroleum.

“Currently we are working internationally but through offshore, we would be increasing our presence in the local market as well,” Pal told this newspaper.