Qatar Navigation (Milaha) has signed an agreement with the Kandla International Container Terminal (KICT) in India, to start the first direct common carrier feeder service between Saudi Arabia and India.
Qatar Port Management Company (Mwani Qatar) and shipping and logistics giant Qatar Navigation (Milaha) are to form a new entity to manage the kingdom’s new $7.5bn mega port.
Qatar Navigation’s (Milaha) gas and petroleum arm was the only positive performer as the Doha company’s net profit for the nine months to September 30 slumped QR 200m ($55m), or 20%, compared to the corresponding period last year.
Qatar Navigation (Milaha) has reported a 15% dip in net profit for the first half of 2016 on the back of pressures on its investment arm, general cargo and ro-ro businesses and the “extremely challenging” offshore market.