Newly established S’hail Shipping of Qatar has been linked to its first ship. Sources say it has snapped up the 2001-built supramax Prabhu Daya for $5.5m from Indian owner Tolani.
At the end of last year S’hail said in a release that it planned to buy seven secondhand ships priced between $4.5m and $6m, searching for ships not older than 15 years for shipping construction materials in bulk. Then, the company said it was negotiating on the purchase of two ships – the Prabhu Daya appears to be the first confirmed acqusition.
Shortly after the company was established a meeting of shareholders was held at the Al Sultan Beach Resort in Al Khor where S’hail Shipping & Maritime Services chairman Mohamed Khalifa Abdullah al-Sada spoke about the need for such a company in Qatar’s maritime sector. He said Qatar’s urban development necessitated the shipping of gabbro, a type of rock, in large quantities. Now gabbro is being “heavily imported”, Al-Sada said, especially from the UAE.
Al-Sada also laid out a vision for the company to be on the Qatar Stock Exchange “within two years”.