Gulf Navigation Holding has taken delivery of the Gulf Fanatir, a newly built vessel constructed at the Hyundai Mipo Dockyard in Ulsan, South Korea.

The ship, costing $54.35 million, is the first of a series of four sophisticated chemical carriers ordered by Gulf Navigation.

With a deadweight of 46,200 metric tonnes, a capacity of 54,300 cu m, 20 specially coated cargo tanks and classed as an IMO Type II chemical carrier, Gulf Fanatir will have the capability of carrying a broad range of petrochemical products, a statement said.

The vessel will be handed over to International Shipping Company, a subsidiary of Sabic, on a 15-year time charter. This is the first of four vessels that will be chartered to Sabic for 15 years.

Commenting on their latest ship acquisition, Engineer Abdullah Al Shuraim, chairman, Gulf Navigation Holding, said the vessel will add to the revenue and flexibility of the company.

“The value of vessels has significantly increased since we ordered Gulf Fanatir and it is presently valued at approximately $65 million,” he said. - TradeArabia News Service