Qatar Shipping receives QNB loan
Qatar Shipping SPC has secured a 10-year US$110mn ship financing facility from Qatar National Bank (QNB).
Proceeds from the loan will be used to fund the ongoing construction of 19 harbour assistance vessels. The vessels will be deployed in Mesaieed Port on a 20-year contract, signed with Qatar Petroleum in 2011.
The financing was arranged by Milaha Capital, which is providing corporate finance advisory services to Qatar Shipping.
Khalifa bin Ali al-Hetmi, Qatar Milaha's president and chief executive officer says: “This is the second ship financing agreement signed this year as part of a series of financing arrangements the company has been planning for 2012. Debt financing is key to funding our growth plans.”