Qatar Navigation expects 65 percent jump in export volume from Qatar in 2010 as the company plans to buy a new container vessel with a capacity of 1015 twenty-foot equivalent unit (TEU), Qatar Navigation’s Chairman and Managing Director HE Sheikh Ali bin Jassim bin Mohammad al Thani said on Sunday.
The company expects 22 percent increase in imports volume this year.
“ M a r i t i m e transport activity (feeder services) has more than doubled its capacity by the end of 2009 by taking delivery of three new container vessels with the capacity of 1015 TEUs each and a fourth one is expected in 2010,” Sheikh Ali said at the company’s annual general assembly meeting.
He said the company’s new container vessels would be used in exports of petrochemical and aluminium products.
Qatar Navigation last year entered into exclusive medium term shipping agreements with local producers for carrying their exports to the regional transshipment hubs.
The company’s owned fleet consists of seven container vessels, seven tug boats and seven barges with a total capacity of 5,860 TEUs.
Qatar Navigation profit fell 17 percent to QR472 million in 2009 as compared with QR569 million in the previous year.
Sheikh Ali said the company’s profit in 2009 was affected by the global economic crisis and it expected good profits in 2010.
Interestingly, Sheikh Ali said the company’s real estate portfolios were not affected by the slowdown in the sector.
“As for the core real estate portfolio, the company was not affected by this sector’s slowdown.
Our rental income has grown significantly in 2009,” he added.
In 2009, Qatar Navigation set up a separate division for investment management.
It also established a separate division for real estate development.
“More real estate development projects are in the pipeline for operational and investment use.
The projects are at different stages of development including residential, c o m m e r c i a l , industrial and warehousing with a total land area of more than 500,000 square metres,” Qatar Navigation Chairman said.
Company’s shareholders on Sunday approved the distribution of QR4 per share cash dividend which is equal to 40 percent of the company’s paid up capital.