Milaha's multipronged approach of reducing operational costs and expansion of its footprint in the global supply chain by adding the China-India Express service stood in good stead in improving its bottom-line during 2021, according to its top official.
Highlighting that during 2021, it undertook a major optimisation initiative to create a leaner, more agile organisation, Milaha chairman Jassim bin Hamad bin Jassim Jaber al-Thani said "as part of this optimisation initiative, we streamlined our container shipping and freight logistics operations through a lean transformation plan to reduce operational cost."
Addressing the shareholders at the annual general assembly, he said Milaha expanded the footprint in the global supply chain by adding the China-India Express service to its container shipping network.
"These steps , aided in part by the global increase in container rates and growth in demand, resulted in strong financial results achieved by Milaha container shipping, considered one of our core business pillars," he told the annual general assembly, where shareholders approved the 2021 financial results and 30% cash dividend.
In 2021, Milaha signed the first service contract for a 600,000-barrel capacity floating storage and offloading (FSO) unit. This new investment will help in executing its strategy for the Milaha Gas and Petrochem pillar.
Elaborating on streamlining its container shipping and freight logistics operations, Abdulrahman Essa al-Mannai, president and chief executive of Milaha, said it optimised the vessel fleets to reduce underperforming vessels as well as other equipment and enhanced its vessel fleet through 18 in-charters.
"Furthermore, we renegotiated a number of key supply contracts to ensure a more competitive cost base. In all, we were able to make significant reduction into unit operating cost over the course of 2021," he said.
He said Milaha mobilised cross-group capabilities in offshore marine, steel fabrication and industrial logistics to deliver bespoke solutions in the energy sector, with particular focus on supporting the marine construction and maintenance of marine production assets.
"We are in the process of converting our tanker, Khawr Al-Adid, into an FSO and to begin operations in 2022," he said.
In order to target Qatar’s marine services market, Milaha "significantly expanded our offering across multiple marine segments and, in particular, to vessels calling Qatar’s ports."
Milaha also expanded its global logistics network through global partnerships, allowing it to capture more end-to-end trade volumes.
Highlighting that during 2021, it undertook a major optimisation initiative to create a leaner, more agile organisation, Milaha chairman Jassim bin Hamad bin Jassim Jaber al-Thani said "as part of this optimisation initiative, we streamlined our container shipping and freight logistics operations through a lean transformation plan to reduce operational cost."
Addressing the shareholders at the annual general assembly, he said Milaha expanded the footprint in the global supply chain by adding the China-India Express service to its container shipping network.
"These steps , aided in part by the global increase in container rates and growth in demand, resulted in strong financial results achieved by Milaha container shipping, considered one of our core business pillars," he told the annual general assembly, where shareholders approved the 2021 financial results and 30% cash dividend.
In 2021, Milaha signed the first service contract for a 600,000-barrel capacity floating storage and offloading (FSO) unit. This new investment will help in executing its strategy for the Milaha Gas and Petrochem pillar.
Elaborating on streamlining its container shipping and freight logistics operations, Abdulrahman Essa al-Mannai, president and chief executive of Milaha, said it optimised the vessel fleets to reduce underperforming vessels as well as other equipment and enhanced its vessel fleet through 18 in-charters.
"Furthermore, we renegotiated a number of key supply contracts to ensure a more competitive cost base. In all, we were able to make significant reduction into unit operating cost over the course of 2021," he said.
He said Milaha mobilised cross-group capabilities in offshore marine, steel fabrication and industrial logistics to deliver bespoke solutions in the energy sector, with particular focus on supporting the marine construction and maintenance of marine production assets.
"We are in the process of converting our tanker, Khawr Al-Adid, into an FSO and to begin operations in 2022," he said.
In order to target Qatar’s marine services market, Milaha "significantly expanded our offering across multiple marine segments and, in particular, to vessels calling Qatar’s ports."
Milaha also expanded its global logistics network through global partnerships, allowing it to capture more end-to-end trade volumes.