Milaha

What Milaha does

Milaha (Qatar Navigation Q.P.S.C.) is one of the largest and most diversified maritime and logistics conglomerates in the Middle East, founded in 1957 as Qatar's first publicly registered shareholding company (Commercial Registration No. 1). The company operates across five business segments post-2026: Maritime & Logistics (container shipping, freight forwarding across ocean/air/land, customs clearance, and Milaha Logistics City warehousing), Offshore & Marine (subsea services, vessel chartering, engineering and construction for the energy sector), Gas & Petrochem (LNG and LPG carrier operations, FSO services for oil fields including the Khawr Al Amad FSO serving QatarEnergy), Marine & Technical Services (shipyard operations established in 1982 covering 150,000 sqm in Mesaieed, ship management, chandling, marine engines), and Capital (real estate including the 52-storey Milaha Tower, and QR 4.1 billion in listed equity holdings).

Milaha's underlying technology platform includes fleet management and vessel tracking systems across its 70+ vessel fleet (container ships, offshore support vessels, LNG/LPG carriers, tugs, and barges), the Milaha Express digital freight tracking platform, and an integrated supply chain management stack. The company has initiated AI-enabled logistics initiatives through MOUs with NEXX and KEC, and operates authorized service centers for MAN Energy Solutions (with 40 specialized engineers based in Qatar) and exclusive distribution partnerships with Castrol, Fuchs, Hyundai, Sennebogen, and Terberg. Milaha's product architecture spans core container shipping lines, Milaha Logistics City as an integrated warehousing hub, shipyard fabrication and repair services, and a 700,000-barrel FSO unit.

Milaha's business model is anchored on multi-year, customized B2B/B2G contracts with enterprise and government clients across the energy, aviation, and trade sectors. Revenue is generated through vessel chartering fees, freight forwarding commissions, long-term LNG/LPG transportation contracts, shipyard service fees, real estate leasing (over 50,000 sqm net leasable in Milaha Tower), and financial investment returns. Key recurring revenue anchors include the long-term QatarEnergy FSO charter (since 2022), the 5-year Qatar Airways logistics deal, dividend income from the 36.6% stake in Nakilat (the world's largest LNG shipping company), and a 50% stake in Gulf LNG Transport (four VLGCs). The company reported FY2025 net profit of QR 1.27 billion on 9M 2025 revenue of QR 2.46 billion, with total assets of QR 19.2 billion and a consistent 45% annual cash dividend policy.

Name

Milaha

Legal name

Qatar Navigation Q.P.S.C. ("Milaha")

Website

https://milaha.com

Company type

Public

Founded year

1957

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Milaha (Qatar Navigation Q.P.S.C.) is a diversified Qatari maritime and logistics conglomerate providing container shipping, freight forwarding, offshore vessel services, LNG/LPG transportation, shipyard repair, and real estate investments to enterprise and government clients across the MENA region.

Ownership category

akta.pro rank

Product category

Maritime & Logistics Services

NAICS

Water Transportation (483), Support Activities for Water Transportation (4883), Marine Cargo Handling (48832), Support Activities for Transportation (488)

SIC

Water Transportation (4400), Deep Sea Foreign Transportation Of Freight (4412), Arrangement Of Transportation Of Freight & Cargo (4731), Public Warehousing & Storage (4220)

akta.pro primary industry

General Cargo & Multipurpose Vessel (MPV) Shipbuilding (IMAJAAAH)

akta.pro secondary industries

Bulk Carrier Shipbuilding (Dry Bulk: Capesize/Panamax/Handysize) (IMAJAAAA), Heavy Lifting & Material Handling Infrastructure (Goliath Cranes, Jib Cranes, Hoists) (IMAJALAD), Terminal & Port Vehicles (Yard Tractors, RoRo Tractors, Straddle Carriers) (IMAHAIAE)

Keywords

• Maritime logistics services
• Offshore marine support
• Container shipping operations
• LNG gas transportation
• Shipyard repair fabrication

Headquarters

HQ city

Doha

HQ country

Qatar

HQ region

Middle East

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. Maritime & Logistics: Milaha's Maritime & Logistics segment generates revenue through container shipping services (liner and feeder operations), freight forwarding (ocean, air, land), customs clearance and distribution, project logistics, and warehousing and distribution services. Following the 2026 strategic realignment, the segment now also incorporates Ports and Logistics operations as a unified global trade and logistics platform. Revenue for 2024 was QR 2,840 million.
2. Offshore & Marine: The Offshore & Marine segment provides offshore support, subsea services, chartering of offshore vessels, lift boats, and subsea assets, as well as harbour services and industrial logistics to the energy sector. Notable gains were reported in this unit for the nine months ending September 2025.
3. Gas & Petrochem: Milaha operates a fleet of LNG and LPG carriers for safe and reliable marine energy transportation worldwide. The segment includes ownership of two wholly-owned LNG carriers, stakes in 6 additional LNG carriers through joint ventures, and a 36.6% stake in Nakilat (the world's largest LNG shipping company). It also manages 35 third-party LPG carriers and 2 oil/chemical tankers. Operations include post-fixture management, FSO operations, and the converted Khawr Al Amad FSO unit serving QatarEnergy's Al Rayyan field since 2022. Revenue growth was noted in the nine months ending September 2025.
4. Marine & Technical Services: Following the 2026 strategic realignment, the new Marine & Technical Services segment (replacing the Trading segment) encompasses shipyard operations (established 1982, first integrated ship repair and building yard in Qatar), ship management, and ship services including bunkering, ship chandlering, shipping agency, and marine lubricants. The shipyard covers approximately 150,000 square meters and includes 9 internal workshops. Revenue from this segment is driven by service fees for vessel repair, ship management, and technical services.
5. Capital (Real Estate & Financial Investments): Milaha manages a large portfolio of financial and property investments contributing to underlying financial strength. The real estate unit holds commercial properties including the 52-storey Milaha Tower in Doha's West Bay with over 50,000 sqm of net leasable area, Milaha Plaza on Al Rayyan Road, a villas complex, and industrial properties across Qatar. Listed equity holdings are valued at QR 4.1 billion with a trading portfolio of QR 139 million.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels7 records

Core offering

Milaha is a Qatar-based integrated maritime and logistics conglomerate operating across five business segments: Maritime & Logistics (container shipping, freight forwarding, warehousing via Milaha Logistics City), Offshore & Marine (vessel chartering, subsea services), Gas & Petrochem (LNG/LPG transportation, FSO operations), Marine & Technical Services (shipyard, ship management, chandling, marine engines), and Capital (real estate, financial investments). The company operates a fleet of 70+ vessels and provides end-to-end transport and supply chain solutions primarily for enterprise and government clients in the energy, trade, and industrial sectors.

Product overview

Milaha is one of the largest and most diversified maritime and logistics companies in the Middle East, operating as a platform-plus-modules architecture with five strategic business units: Maritime & Logistics (Container Shipping, Freight Forwarding, Warehousing including Milaha Logistics City), Offshore & Marine (subsea services, chartering, engineering), Gas & Petrochem (LNG/LPG transportation, FSO operations), Marine & Technical Services (shipyard, ship management, chandling, engines), and Capital (real estate, financial investments). The company operates a fleet of 70+ vessels and provides integrated supply chain solutions connecting key regional and international trade lanes.

Differentiator

Problem solved

Functional benefit

Products and services

• Container Shipping

Quantifiable outcome

• Net profit increased from QR 917 million (9M 2024) to QR 1,058 billion (9M 2025), representing a 15.4% year-over-year increase for the nine-month period.
• +4 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

15 partnerships are on record, tiered core and minor.

• Qatar AirwayscoreStrategic or Co-development Partner · 17 February 2026Milaha Trading has a 5-year logistics deal with Qatar Airways for integrated logistics services. This partnership leverages Milaha's logistics infrastructure and Qatar Airways' air cargo network to deliver comprehensive supply chain solutions.
• FincantiericoreStrategic or Co-development Partner · 17 February 2026Milaha has a strategic partnership with Fincantieri for maritime services, likely in the areas of shipbuilding, repair, or maritime technology. Fincantieri is one of the world's largest shipbuilding groups.
• MAN Energy Solutions (MAN Diesel & Turbo)coreStrategic or Co-development PartnerMilaha Shipyard partnered with MAN Energy Solutions to establish a state-of-the-art main engine facility in Mesaieed with 40 specialized engineers permanently based in Qatar. The partnership supports maintenance of the Qatar Navy fleet and long-term planned maintenance for the Nakilat fleet, operating on a long-term basis as MAN propulsion systems are the main engines for the Nakilat LNG fleet.
• NakilatcoreStrategic or Co-development PartnerMilaha is the largest shareholder in Nakilat with a 36.6% stake. Nakilat is the world's largest LNG shipping company, operating the largest LNG fleet globally. Milaha's Gas & Petrochem segment is closely tied to Nakilat's operations, and MAN diesel engines for Nakilat's fleet are serviced through the Milaha-MAN partnership.
• QatarEnergycoreStrategic or Co-development PartnerQatarEnergy is a key customer and strategic partner. Milaha's FSO unit Khawr Al Amad is chartered to QatarEnergy on a long-term basis to serve the Al Rayyan field since 2022. QatarEnergy's planned expansion of its LNG fleet to 200 vessels within five years anchors demand for Milaha's integrated marine solutions.
• Gulf LNG Transport (Joint Venture)coreStrategic or Co-development PartnerMilaha holds a 50% stake in Gulf LNG Transport, a joint venture with Nakilat that owns and operates four Very Large Gas Carriers (VLGCs) for LPG transportation. This joint venture strengthens Milaha's presence in the global LPG shipping market.
• YanmarminorOthersYanmar is listed as an OEM partner for the shipyard, providing marine engines and equipment.
• LukoilminorOthersLukoil is listed as an OEM partner for the shipyard's marine equipment supply.
• CastrolcoreOthersMilaha is the exclusive distributor for Castrol marine lubricants in Qatar, supplying marine engine oils, generator oils, and marine equipment lubricants. Castrol products are part of Milaha's ship chandlering and supplies portfolio.
• WilhelmsenminorOthersWilhelmsen is a brand partner providing marine chemicals to Milaha's ship chandlering operations.
• FuchscoreOthersMilaha is the sole distributor of Fuchs lubricants in Qatar for automotive and industrial equipment, including Renolin hydraulic oils, Renzo gear oils, Ecocool cutting fluids, and industrial automotive lubricants. Fuchs products support Milaha's industrial technical services.
• HyundaicoreOthersMilaha is the exclusive authorised agent in Qatar for Hyundai heavy equipment including Hyundai Everdigm cargo cranes, as well as Hyundai internal combustion engines. These products are distributed through Milaha's industrial technical services division.
• Hyundai Heavy Industries (HD Hyundai)coreOthersMilaha distributes HD Hyundai internal diesel engines through its marine services division, complementing its marine engine supply and service capabilities.
• SennebogencoreOthersMilaha is the exclusive authorised agent for Sennebogen equipment in Qatar, including mobile cranes, material handlers, and port cranes, distributed through its industrial technical services division.
• TerbergcoreOthersMilaha is the exclusive authorised agent for Terberg port tractors in Qatar, including the next-generation electric vehicle range, distributed through its industrial technical services division.

Scale indicators8 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• ADNOC Logistics & Services: UAE-based integrated energy logistics provider listed on ADX, offering shipping, offshore, and integrated logistics services anchored by ADNOC's upstream demand. Closest analogue to Milaha as a national energy champion offering marine, logistics, and offshore services with similar capital-intensive fleet operations and state-backed customer concentration.
• Bahri (National Shipping Company of Saudi Arabia): Saudi Arabia's national maritime champion, listed on Tadawul, operating VLCC tankers, general cargo, chemical tankers, and a joint-venture container business with Maersk. Directly comparable to Milaha's diversified maritime and logistics model, with similar state-anchored customer base and regional trade-lane focus across MENA.
• GAC (Gulf Agency Company): Global shipping, logistics, and marine services provider headquartered in the UAE with deep MENA roots, offering ship agency, freight forwarding, contract logistics, and offshore support. Overlaps directly with Milaha's vessel agency, freight forwarding, offshore, and chandling services for similar enterprise customers in the Gulf.
• Wilhelmsen: Norway-listed global maritime services group providing ship agency, marine products (Wilhelmsen Ships Service), and technical solutions across ports worldwide. Directly comparable to Milaha's Marine & Technical Services segment, particularly chandling, marine lubricants distribution, and port services.
• Stolt-Nielsen: Norway-listed specialty chemicals tanker, terminals, and aquaculture company operating one of the world's largest fleets of stainless-steel chemical tankers plus tank container operations. Closely comparable to Milaha's Gas & Petrochem and chemical/oil tanker segments, especially in niche, high-spec marine energy transportation.

Broad incumbents

• DP World: UAE-headquartered global port operator and supply-chain solutions provider operating across 80+ countries with a portfolio of marine terminals, logistics parks, and economic zones. Broader in scale and more focused on port operations than Milaha, but directly comparable in the regional container shipping, freight forwarding, and logistics infrastructure dimensions.
• Maersk: Danish global container shipping and integrated logistics giant operating the world's largest container fleet with end-to-end ocean, port, and landside services. Provides the global benchmark for container shipping scale and integrated logistics; relevant as Milaha's container feeder and regional shipping model is a smaller analogue of Maersk's end-to-end platform.
• Kuehne+Nagel: Swiss-headquartered global freight forwarder and contract logistics provider with leading positions in sea freight, air freight, road logistics, and contract logistics. Comparable to Milaha's freight forwarding segment as a globally scaled logistics integrator with stronger digital and contract-logistics capabilities.
• DHL Global Forwarding: Division of Deutsche Post DHL Group, the world's largest air and ocean freight forwarder with strong MENA presence and customs clearance capabilities. Directly comparable to Milaha's freight forwarding segment at the global scale benchmark for project logistics and multi-modal forwarding services.

Regional players

• Aramex: Dubai-headquartered MENA-focused logistics and express transportation company listed on DFM, providing freight forwarding, supply chain solutions, and last-mile delivery. Comparable as a regional MENA logistics peer, though more focused on express and ground logistics than Milaha's maritime and offshore-heavy portfolio.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/qatarnavigation

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Milaha