Qatar Shipping Company will establish a marine services group with start-up capital of QR200,000 ($54,928).

According to a company announcement on the Qatar Exchange, it will launch Pacific Marine Services, which will provide cargo loading and handling services.

Qatar Shipping will hold a 99 per cent stake in the firm and Gulf Investment in Navy Ships Company will hold 1 per cent.

The company has yet to set a launch date for Gulf Investment in Navy Ships Company.

Qatar Shipping says it is still in the market for purchasing tankers and dry-bulk carriers, taking advantage of the drop in asset prices and vessel sales.

The company’s net profits were down 58 per cent in the first half, compared with the same period a year before, at QR158.6m.