Qatar Shipping Company News

Qatar-based maritime transport and logistics company  Qatar Navigation (Milaha) has increased the company’s stake in compatriot liquefied natural gas (LNG) shipping giant Nakilat.Qatar Shipping Company, a subsidiary of Milaha, has entered into an agreement for acquiring the entire stake of Qatar Investment Authority in Qatar Gas Transport Company Ltd (Nakilat) representing 5.9% of Nakilat’s share capital.The Sale and Purchase Agreement was conditional on obtaining the consent of the Qatar Financial Markets Authority and the Qatar Central Securities Depositary Company.Abdulrahman Essa Al-Mannai, President and CEO of Milaha Group, announced that Milaha was holding…

Qatar Navigation (Milaha) said on Thursday its unit Qatar Shipping Company had acquired the remaining 60 percent interest in two firms which own Liquefied Natural Gas (LNG) carriers from France's Societe Generale. The two entities, Milaha Ras Laffan and Milaha Qatar, are chartered to RasGas under a 25-year time charter contract, with 14 years and 16 years remaining under the time charter agreement respectively, according to a bourse filing. Qatar Shipping Company owned the other 40 percent in each of the two companies prior to the transaction, for which the deal value was not disclosed. Reporting by Nadia Saleem

The sale of all shares in Maersk LNG to Malt LNG Holdings ApS, a company jointly owned by Teekay LNG Operating LLC and Marubeni Corporation has been finalised. Under the terms of Maersk LNG's two partnerships with Société Generale and Qatar Shipping Company, each owning an LNG vessel, the sale of Maersk LNG triggered pre-emption rights to Maersk LNG's partnership shares. These pre-emption rights have been exercised by these two limited partners acquiring Maersk LNG's 26 percent…

Qatar Navigation Q.S.C. announced today financial results for the three months ended March 31, 2011. • Operating revenues of QR 533 million vs. same period in 2010 of QR 431 million. This represents a 24% increase year over year. • Operating Profit of QR 157 million vs. same period in 2010 of QR 118 million. This represents a 33% increase year over year. • Net Profit of QR 262 million and QR 2.28 earnings per share, vs. same period in 2010 of QR 771 million and QR 6.73 per share.

Mitsui O.S.K. Lines, Ltd. (MOL) announced on Jan. 27, the formation of a very large gas carrier (VLGC) pool called LPG Global Transport, along with Gulf LPG Transport Company W.L.L. of Qatar (Gulf LPG). The pool will begin operations immediately. Gulf LPG Transport Company W.L.L. is a limited liability joint venture company established by Qatar Gas Transport Company (Nakilat) and Qatar Shipping Company. MOL and Gulf LPG have jointly incorporated LPG Global Transport Management Inc. to manage the pool’s business operations.

The Ras Laffan, a new Aframax double-hull crude carrier, was delivered to QM Tanker Co., LLC, a joint venture company owned 50/50 by Mobil Shipping and Transportation Company (MOSAT) and Qatar Shipping Company. The vessel was built by Hyundai Heavy Industries Company Ltd. "We are pleased to add this new tanker to Mobil's service," said Gerhard Kurz, MOSAT president. "We look forward to this partnership with Mobil and the long-term success of the new joint venture company," said Abdulaziz Salatt, director of Qatar Shipping Company and sponsor of the Ras Laffan. The 105,775 dwt Ras Laffan is 800 ft. (244 m) long, 138 ft. (42 m) wide and can carry a cargo of 755,000 barrels of crude oil. The ship will be in service worldwide.