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Doha-based Milaha has entered into a two year charter arrangement with Qatar Chemical and Petrochemical Marketing and Distribution Company (Muntajat). As a result Milaha’s wholly-owned LPG carrier Almorana will be deployed to transport ammonia exports from Qatar to customers around the world for Muntajat. In keeping with Milaha’s continued commitment to safety and the protection of the environment, the ship has been retrofitted with several energy efficiency devices, such as the Mewis Duct propulsion system.
Following a two-year feeder transport agreement signed in early 2014, Milaha’s fleet of container feeder ships already moves around 150,000 teu a year of containerised exports, mainly polymers and melamine, from the Qatari port of Mesaieed for Muntajat. Milaha is also responsible for repositioning empty containers back to Mesaieed on behalf of the company.
Milaha recently announced financial results for the first half of 2014 which were relatively disappointing. Net profits, at QR 518 million (US$142.25 million) were 10% down year on year, largely because of an unexpected decrease in export volumes out of Qatar. The company was also adversely affected by lower vessel utilisation levels and delays in the delivery of ships for the offshore sector. There were some positive trends, though, including higher net profits in the gas and petrochemicals division helped by higher freight rates for VLGCs.
