• 2020 February 26 12:07

    Milaha reports a 6% increase in net profit for full year 2019

    Qatar Navigation (Milaha) Q.P.S.C. announced its financial results for the twelve months ended December 31, 2019. The Board of Directors decided to recommend to the General Assembly, which will be held at 4:30 PM on 22 March 2020 at the Four Seasons Hotel in Doha, Qatar, to distribute a 30% cash dividend of the par value of a share, equivalent to QAR 0.3 per share.

    Milaha Maritime & Logistics’ operating revenue increased by QR 26 million and net profit by QR 21 million. Increased profits from our Ports unit and lower container vessel impairments compared to 2018 contributed to improving bottom line results by 32%.

    Milaha Gas & Petrochem’s operating revenue dropped by QR 10 million, with net profit increasing by QR 297 million against the same period last year.  The increase in profit was the result of very strong performance from our joint venture and associate companies, including our 6% additional stake in Nakilat, and lower vessel impairments mainly related to our tanker fleet.

    Milaha Offshore’s operating revenue increased by QR 86 million, with operating margins remaining strong. The 13% increase in revenue was attributable to vessel additions and increased utilization.  Despite strong operational performance, the segment’s bottom line decreased by QR 207 million due to vessel impairments

    Milaha Capital’s revenue decreased by QAR 52 million and net profit by QAR 79 million, as a result of lower returns from the held for trading portfolio as well as reduced dividend income, driven by a reallocation of capital to increase our stake in Nakilat by 6%.

    Milaha Trading’s revenue decreased by QAR 46 million and bottom line by QAR 2 million.

    Commenting on the past year’s results, H.E. Sheikh Jassim bin Hamad bin Jassim Jaber Al-Thani, Milaha’s Chairman of the Board of Directors, said: “I am satisfied with the year over year financial results, and more so with the foundation we have been putting in place to ensure sustainable growth well into the future.  We have invested in new technologies, enhanced our service offerings and capabilities, and I am confident this will help Milaha achieve it’s long term strategy objectives.”

    Milaha’s President and CEO, Abdulrahman Essa Al-Mannai added, “We have made significant progress in improving our operations including increasing asset utilization, disposing of underperforming assets, cross selling services, and remaining vigilant and focused on the safety of our staff and operations.”

    About Milaha

    The company was established in July 1957 as the first public shareholding company registered in Qatar and holds commercial registration no. 1. Milaha’s current activities include marine transportation in gas, petroleum products, containers and bulk; offshore support services; port management and operations; logistics services; shipyard; trading agencies; real estate investments; and asset management.




2020 March 30

18:30 Ecochlor announces collaboration with Horizon Air Freight to expand shipping services
18:15 Inmarsat takes founding role in first Decarbonising Shipping programme for Asian start-ups
18:05 Start of cruise season in Kiel to be postponed until end of April
17:57 Globaltrans’ profit for 2019 climbed 16% YoY to RUB 22.7 billion
17:03 CMA CGM announces PSS from Romania to the Mediterranean
16:35 OOCL announces Transpacific product update
16:20 About 40 small- and mid-size ships to be built for Russia’s Far East by 2025
16:03 ClassNK releases Guidelines for Non-destructive Inspection by Phased Array Ultrasonic Testing
15:45 Gasum to supply Preem with renewable maritime fuel
15:24 Two ferries operate between seaports of Kaliningrad and Ust-Luga
15:03 NuStar extends Svitzer contract in Point Tupper, Canada, by five years
14:58 5G innovation put to a practical use in the Port of Zeebrugge
14:46 Global Ports terminals add new transit intermodal service from Europe to Asia via Russia
14:28 BPO and BTJ prepared overview of measures introduced in ports and shipping lines within Baltic Sea region
14:02 Port Houston posts cargo volume results for Feb 2020
13:51 Average wholesale prices for М-100 HFO fell to RUB 8,177 in RF spot market
13:20 Wärtsilä signs agreement with Kuribayashi Steamship in Japan for deployment of innovative gate rudder technology
13:10 Maersk’s first intercontinental train from Europe to Asia dispatched from St. Petersburg
13:03 Tianjin Port Development announces 2019 unaudited annual results
12:29 United Shipbuilding Corporation establishes center for prevention of Covid-19 spread
12:02 Ports of Bremen fully functioning
11:37 Abu Dhabi, UAE to host ADIPEC 2020 on November 9-12
11:12 MABUX Digest: Top events on global bunker market. Week 13
11:02 First-stage land usage permit issued to APM Terminals Poti
10:50 KN moves its LNG Terminal from its normal location due to cleaning work
10:28 Port of Riga reports no significant changes in cargo handling
10:21 Panama Canal backs efforts to expedite return home of the passengers and crew on Holland America’s Zaandam
10:04 NCSP Group published its consolidated financial results for 12 months 2019
09:41 MABUX: Bunker market this morning, Mar 30
09:26 RF Government limits crossing of state border checkpoints
09:09 Baltic Dry Index is down to 556 points

2020 March 29

16:29 Coast Guard and a salvage towing company rescued three people near Key Largo
14:35 AAM to complete construction of the first hydrogen fuel cell vessel in the U.S.
13:17 Fischer Panda UK introduces standardised FP Control across new models
12:03 USCG responds to grounded container vessel in Mississippi River
11:52 Stena Bulk performs a test running an MR tanker on 100% biofuel

2020 March 28

15:13 Belov Engenharia Ltda to operate Robert Allan designed DSV for Petrobras
13:42 Valaris received a termination notice for the drilling contract for VALARIS DS-8
12:47 SCHOTTEL wins propulsion contract to equip U.S. Navy vessels
11:31 VT Halter Marine to execrise an option for forth APL(S)
10:53 USCG Cutter Polar Star returns home from Operation Deep Freeze 2020

2020 March 27

18:37 Kim Heng Marine & Oilfield incorporates JV Bridgewater Marine (Taiwan)
18:14 Port of Antwerp Covid-19 Taskforce: supply chains still working
17:52 Oboronlogistics delivers materials and equipment for construction of medical center in Kaliningrad Region
17:29 Exercise involving three frigates of RF Navy’s Black Sea Fleet took place in Mediterranean Sea
17:05 Philippine Ports Authority imposes entry protocol in offices, ports in fight against COVID-19
16:43 Admiralteiskie Verfi launches lead freezing trawler of Project СТ-192 built for Russian Fishery Company
16:21 Arthur Sedov appointed as Managing Director of Rosterminalugol
16:05 Cosco Shipping Ports announces full year results for 2019
15:58 Gazpromneft Ocean marine oils are available in South Korea
15:44 The world's most powerful semi-submersible crane vessel receives the largest LNG bunkering in the Port of Rotterdam
15:27 Navigation on middle Volga and Volga-Baltic Canal to be opened ahead of schedule
15:04 Maritime and Port Authority of Singapore to provide economic relief to passenger vessel owners and operators
14:40 Severnaya Verf lays down fifth processing trawler of Project 170701 ordered by NOREBO Group
14:16 VPower Group is new distributor for Rolls-Royce’s MTU solutions in China
13:55 Russia’s foreign trade cargo to be completely redirected to domestic ports by 2022-2023 - Rosmorrechflot
13:06 Russian bunkering market meets demand for low-sulphur fuel – RF Transport Ministry
12:28 Port of Gdansk is fully operational
11:33 Rosmorport's Arkhangelsk Branch takes measures to prevent COVID-2019 spread
11:09 Diana Shipping announces time charter contract for m/v P. S. Palios with C Transport