S’hail Shipping fleet plans take shape

Qatar’s S’hail Shipping has been linked to its fifth ship purchase since its shipowning debut at the beginning of last year.

This time sources say the vintage specialist has snapped up the the Japanese operated 76,633 dwt Double Prosperity (built 2005) for $10.6m, a bargain compared to its $13.7m MSI fair market value.

At the end of 2016, S’hail said in a release that it planned to buy seven secondhand ships, no older than 15 years in the $4.5m to $6m range to carry construction materials to support urban development. So far the company has added four ships in the price range above, however the new purchase is a deviation from this pattern, being a handful of years younger and more expensive.

Its last ship purchase was in May 2017, according to VesselsValue, when it added the Mitsui-built, 75,000 dwt Ellivita for $6.7m.