DUBAI, 9 July 2006 — Gulf Navigation Holding (GNH), regionally-owned private shipping and marine services company, yesterday announced its AED500 million acquisition of six double-hulled tankers. The deal reflects the company’s determination to capitalize on the ‘tremendous’ growth prospect in the sector as oil prices and charter rates hit new highs.
GNH’s acquisition of the six product tankers — Gulf Ahmadi, Gulf Riyad, Gulf Sieb, Gulf Safwa, Gulf Jash and Gulf Shagra — boosts the size of its burgeoning fleet to 18 wholly-owned vessels. The new acquisitions, which offer flexible capacity and can carry clean oil, products and ore, will be fully deployed on time charter.
The vessels are 48,000 metric tons deadweight each and have liquid capacity of about 50,000 cubic meters. For bulk handling the vessels are equipped with their own grabs and cranes and are capable of speeds up to 15 knots.
Ghazi Al-Ibrahim, managing director and chief executive officer of Gulf Navigation Holding, said: “This is a tremendous deal for the company as we plan and implement its growth and development into one of the world’s major tanker fleets.”
“These six mid-size tankers take Gulf Navigation to the next stage of its development and establish the company as a major presence in the shipping and marine services sector. The acquisition takes our shipping fleet up to 18 vessels and increases our flexibility and ability to cater to the growing shipping demand in the region.
“The fact that we have already negotiated their charter is a clear sign of the strength of the industry and the energy-fueled growth potential there is in the sector.”