Ship owner on course for expansion

Gulf Navigation Holding, a ship owner, is in the final stages of buying a large and modern tanker fleet. 

The company, which boasts of being ‘rich in cash’, has been looking to expand its chemical, product and crude carrier fleets, but was put off by the prices of new building and second hand ships. A shift in the prices and the addition of charter contracts has changed this position.

“We rather consider these negotiations timely opportunities to fulfil our commitment to our shareholders and to our growth strategy in the ever-growing tanker markets,” said the Abdullah Al Shuraim, chairman of Gulf Navigation, in a statement commenting on the negotiations. “Additions to our existing fleet will instantly secure additional long-term revenues and profits for the company and its shareholders.”

Gulf Navigation has 11 specialized subsidiaries and currently owns 19 tankers and charters VLCC, Suezmax, chemical, product tankers and crew boats.

It is the only maritime and shipping company listed on the Dubai Financial Market.

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