Qatar Navigation (Milaha) is in the process of converting its tanker into an Floating Storage and Operations (FSO) vessels and it is expected to become operational from this year.
“In 2021, Milaha made its first investment in Floating Storage and Operations (FSO) vessels, and we are in the process of converting our tanker, Khawr Al-Adid, into an FSO and to begin operations in 2022,” noted Abdulrahman Essa Al Mannai, President & CEO, Milaha in the Annual Report 2021.
“In order to target Qatar’s marine services market, we significantly expanded our offering across multiple marine segments and, in particular, to vessels calling Qatar’s ports. Milaha also signed an agreement with the Qatar Navy to maintain facilities at the new naval base and to mobilize new marine equipment delivery into Qatar,” he added.
All the segments of Milaha delivered strong performance during last year. In 2021 Maritime & Logistics demonstrated exceptionally strong performance. Despite COVID-19 operational challenges and supply chain disruptions that were felt worldwide, the segment posted QR1.1bn in revenue in 2021 as compared to QR861m in 2020, for an increase of 30 percent, according to the Annual Report.
The Container Shipping business performed very well in 2021, continuing to optimize its feeder network and executing on cost reduction activities, while benefiting from the rising freight rate environment.
Logistics business and results grew versus 2020. The improvement was driven by increased international transport volumes and support from major customers as their activities recovered from the 2020 COVID-19 impacts.
The Shipyard continued with its planned development and enhancement of facilities in 2021, achieving several milestones to support business expansion in the oil & gas sector and to increase its dry docking / repair capacity. Dock occupancy increased and the unit engaged in and completed a number of marine upgrade projects in different sectors, including pleasure, offshore and military. The Shipyard has attracted new clients from the GCC region by maintaining its focus on operational efficiency, safety and customer satisfaction. Cost optimization measures executed at the beginning of the year were successful and provided a significant contribution to year end results.
Shipping Agencies saw a remarkable pickup in operations in 2021, with the major business drivers showing double digit growth vs 2020, including import and export TEU’s handled, and delivery orders issued.
Gas & Petrochem posted solid higher profit in 2021, with an increase of QR72m or 17 percent versus 2020. At the non-operating income level, results got a boost from lower impairments against both our owned as well as joint venture vessels, and increased profit from our Nakilat associate.
