Qatar Shipping Company (Q-Ship) made a net profit of QR103.13 million ($28.32 million) in 2001, an increase of QR30.98 million on the previous year and a performance chairman Salem Butti Al Naimi said was the best since the company's inception despite the general downturn in the second half of the year.

The company's board of directors proposed a cash dividend of 10 per cent, or QR50 million. A total of QR25 million had been paid as interim dividend last August, the company said.

"This is the highest dividend declared so far since the company started operation in February 1994," Q-Ship said.

Incorporated in 1992, Q-Ship owns and operates a fleet of seven ships comprising tankers and bulk carriers aggregating 711,153dwt. They comprise four petroleum product (crude oil) tankers, one clean petroleum product tanker and two OBOs.

In addition, the company owns and operates four tugs and two pilot boats for harbour towage services at Mesaieed port.

The Halul Offshore Services Company, a 50:50 joint venture with the Qatar National Navigation and Transport Company (QNNTC), has been awarded 10-year contracts by Qatar Petroleum to provide three standby safety vessels, four anchor handling tug and supply vessels, one wire line support vessel and a wellhead maintenance vessel.