Qatari owner S’hail Shipping and Maritime Services has reached a financing agreement with Qatar Development Bank.
Under the agreement, Qatar Development Bank has agreed to extend a QR70m ($19.2m) creditor facility to S’hail, to be used by the company to expand its fleet.
S’hail Shipping was incorporated at the end of 2016 and currently owns a fleet of four bulkers comprised of two supramaxes and two panamaxes.
“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,” the company said at its annual general meeting.