S’hail Shipping Makes Tidy Profit on Rusty Panamax

Qatari shipping company S’hail Shipping has successfully sold an aged panamax vessel at a profit to the rapidly expanding Vietnamese conglomerate Hoanh Son Group.

The 18-year-old panamax named S’hail Al Dukhan was purchased by the infrastructure giant from Vietnam. Although the transaction's value was not disclosed, VesselsValue estimates the Namura-constructed vessel's worth to be just below $12 million. S’hail originally acquired the ship in 2019 for $8.3 million.

The Hoanh Son Group, which now boasts a fleet of nine ships, has acquired six similar-sized bulk carriers since February 2023. Its most recent acquisition occurred in January, paying $9.2 million for the 2004-built panamax Navios Orbiter.