QDB to extend QR70mn facility to S’hail Shipping and Maritime Services Co

S’hail Shipping and Maritime Services Company chairman and managing director Mohamed Khalifa Abdullah al-Sada said that Qatar Development Bank has agreed to extend a QR70mn facility to the company, which will be used to expand its fleet of ships.The fleet of ships will be used to serve the growing and expanding needs of shipments in Qatar, which is witnessing “comprehensive renaissance” under the auspices of His Highness the Emir, Sheikh Tamim bin Hamad al-Thani, he said. S’hail Shipping and Maritime Services was incorporated in December 2016 for owning and operating dry-bulk carriers, primarily for shipment of gabbro.The company held its annual general meeting at Sultan Beach Hotel in Al Khor recently. The meeting was held in the presence of Salim al-Mannai (Company’s Control Department at the Ministry of Economy and Commerce).Al-Sada opened the meeting by expressing his heartfelt thanks and appreciation to His Highness the Emir, Sheikh Tamim bin Hamad al-Thani. He also thanked all the shareholders for their continued support and confidence in the Board of Directors.Within a year, he said the company acquired four dry-bulk carriers namely ‘S’hail Al Ruwais’, ‘S’hail Al Doha’, ‘S’hail Al Khor’ and ‘S’hail Al Mafyar’ — totalling to a deadweight tonnage (dwt) of about 250,000 MT.In around eight months of actual operation, the company shipped globally about 1.2mn tonnes of various dry bulk cargoes.“Despite the sudden embargo on Qatar in 2017, the company, through its excellent in-house team and capabilities, worked to ensure in overcoming the consequent challenges.As a result, in its first year of operation, the company found itself trading its ships globally rather than their planned regional movement of gabbro from the UAE to Qatar,” S’hail Shipping and Maritime Services Company said in a release.