Doha-based dry bulk operator, S’hail Shipping, is going to acquire another two ships as it continues to expand its fleet.

Mohamed Khalifa Al Sada, S’hail Shipping’s chairman and managing director told Qatari media The Peninsula that the company will have acquired additional two vessels by early next year for expanding the fleet to nine vessels. The acquisition will be funded by Qatar Development Bank.

According to Al Sada, the company, which only serves overseas markets at the moment, is also ready to serve the local market if the opportunities arise. Additionally, the company is also working to expand its operation into the offshore market to serve Qatari companies, particularly Qatar Petroleum.

The company bought Panamax bulk carriers Chris and Paquis and renamed them to S’hail Al Rayan and S’hail Al Dukhan in May. Its current fleet is made up of five Panamax bulkers and two Supramax bulkers.