Qatar Shipping Company (Q Ship) will offer expertise in shipping services to capitalise further on strong growth in trade for natural gas, liquefied petroleum gas (LPG), petrochemicals and bulk materials in Qatar and the Gulf region, a senior official says.

“Q Ship’s global competence, management approach and dynamic commercial strategy will have a positive impact on its future earnings and growth,” said finance and administration manager Dr Salem Al-Naemi. The company’s clients include oil majors such as ExxonMobil, Shell, Total, ChevronTexaco, BP, Repsol, ConocoPhillips and leading international trading companies such as Glencore, Trafigura and Vitol.
In recent developments, Q Ship entered into an agreement with Qatar Gas Transport Company (QGTC) or Nakilat to set up a 50:50 joint venture company. The JV company, Gulf LPG Transport Company, will own four Very Large Gas Carriers (VLGCs) which were contracted by Q Ship in June 2005 with Hyundai Shipyard and scheduled for delivery in the years 2008-2009.  Under the agreement, Q Ship will manage these vessels at least till 2014. With this joint venture company, Q Ship’s penetration into the LPG transportation market will further deepen.
Q Ship owns and operates, wholly or partially, a young, mixed fleet of 48 ships aggregating to about 1.4 million dwt. Its significant operations are in a number of trades including transporting crude oil, oil products, LPG, petrochemicals and liquefied natural gas (LNG) and offshore support services. Q Ship has established its name in the port/terminal operations by successfully owning and managing a fleet of harbour towage and pilot boats.
“During 2006 Q Ship transported 7.43 million tonnes of cargo against 4.35 million tonnes in 2005 in fully owned vessels,” said Dr Al-Naemi.
It has also promoted companies owning assets engaged in diversified activities. Its diverse corporate interests include stakes in 9 LNG ships, full ownership of an engineering and construction company, a marine fabrication yard, a 25 per cent stake in Qatar Quarries & Building Materials Company, a 15 per cent stake in Qatar Gas Transport Company (Nakilat) and 50 per cent ownership of Halul Offshore Services Company (HOSC) which owns and operates 22 offshore service vessels including anchor handling tugs, safety standby vessels, crew boats, diving support vessels and well maintenance vessels.
“The boom in the oil and gas industry and consequent increase in drilling activities led HOSC to expand its activities by chartering in 16 third-party vessels, taking the total number of vessels deployed to 39,” said Dr Al-Naemi. During 2006, the company was awarded with term contracts worth QR165 million.
HOSC signed a contract with Thai shipbuilders Italthai Marine Ltd for the construction and delivery of two large DP1 platform supply vessels.
Q Ship has an average shareholding of 24 per cent in the 9 LNG ships owned by different joint ventures. As on 31st Dec 2006, its investment in the LNG ships was about QR352 million ($96.7 million).
The company has a 50 per cent joint venture with ExxonMobil which owns two 1999-built Aframax crude oil tankers, MT Ras Laffan and MT Valiant. These two JV vessels contributed QR13.57 million in 2006. MT Valiant transported 1.4 million tonnes with 17 voyages during the year and MT Ras Laffan carried 2.3 million tonnes in 25 voyages.
Qatar Ship Management Co (QSMC) was formed in 2003 with a 51 per cent stake held by Q Ship and  the remainder held by MOL, NYK, K-Line and Mitsui & Co on an initial paid up capital of QR2 million. The company was established for operating and managing LNG vessels.
Q Ship has one-third ownership in QIM Transport Inc (QIMT) formed in 2005 with Mitsui & Co and Lino Kaiun Kaisha Ltd of Japan to jointly pursue the chemical transportation business.
Brisk business fetched Q Ship a net income of QR387.6 million in first-half 2007 against QR122.5 million for the corresponding period in 2006. Net income for the whole of 2006 was QR458.58 million against QR417.49 million in the previous year.