Qatar-based Aamal enters regional shipping sector
Aamal has made its first move into shipping, setting up a new subsidiary called Aamal for Maritime Transportation Services (AMTS) for the purpose of ship owning.
The Qatar-based industrial manufacturing, trading and distribution company will take ownership of an unspecified number of bulk carrier vessels for its new subsidiary.
AMTS’s fleet will be managed by Germany’s Peter Döhle Group and will be initially involved in the transport of aggregates from the United Arab Emirates to Qatar for Aamal subsidiary Gulf Rocks.
Gulf Rocks is an importer and provider of gabbro aggregates used in concrete products essential to Qatar’s infrastructure development.
AMTS will also ensure additional capacity is available to third party operators to optimise vessel utilisation and profitability.
“Owning our own vessels will give us greater control over security of supply of the raw materials that we need to import, whilst operational risk is minimised through partnering with Peter Döhle Group, a leading and highly respected global provider of shipping services, to manage this subsidiary,” said Sheikh Mohamed Bin Faisal Al Thani, vice chairman of Aamal.
AMTS has acquired its first vessel, a 56,726dwt bulker, and will begin commercial operations immediately. Both newbuild and secondhand vessels will be looked at as part of the fleet build up, according to sources with the company.
Aamal is diversified conglomerate with operations across 24 business units, some of which have been operating for almost 40 years, and has market capitalisation of around US $2.2-billion.