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Qatar-based S’hail Shipping has signed an agreement to acquire two modern bulk carriers for a total consideration of QR75m ($20.6m).

The latest ships S’hail Al Rayan and S’hail Al Dukhan are panamax bulkers of 76,629dwt  (deadweight tonnage) and 74,143dwt respectively.

These vessels are expected to join the company’s fleet by June.

S’hail Shipping chairman and managing director Al-Sada told Gulf Times: “These additions will enhance the company’s capacity to globally transport dry bulk cargoes, resulting in increase in company’s revenue.

“The company has to date transported globally about four million metric tonnes and that is consistent with Qatar’s 2030 vision. The company takes pride in increasing Qatar’s participation and role in global trading of dry bulk commodities.

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“As a strategy to ensure proper management of risks from global trade, the company is also currently engaged in evaluating options to diversify into other segments of shipping and maritime business particularly in Qatar’s offshore sector. Clearly, the company has positioned itself to successfully navigate despite growing concerns to global trade.”

The latest acquisition of bulk carriers will further expand the company’s fleet size to seven ships and the deadweight to 483,522mt.

“The company has globally transported about four million metric tonnes to date.”

In November last year, S’hail Shipping acquired its fifth ship in S’hail Al Wajbah.

Built in Japan in 2005, the ship registered with The Ministry of Transport and Communications of Qatar is around 77,000dwt.

Other ships in S’hail Shipping fleet include M V S’hail Al Khor, M V S’hail Al Ruwais, M V S’hail Al Doha and M V S’hail Al Mafyar.

Founded in December 2016, S’hail Shipping offers worldwide services for transportation of dry bulk cargoes, including coal, iron ore, wheat, grain, soyabean, gabbro and minerals.