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Gulf Navigation adds IMO vessel into fleet

Dubai, August 18, 2008

The UAE-based Gulf Navigation Holding has inducted the newly-built Gulf Huwaylat, an IMO Type II chemical carrier capable of carrying a broad range of petrochemical products, into its fleet.

The vessel was built at the Hyundai Mipo Dockyard in Ulsan, South Korea, said a company official.

Contracted to International Shipping, a Sabic subsidiary, on a 15-year time charter for $54.35 million, the ship is part of a series of four sophisticated chemical carriers ordered by Gulf Navigation.

It has a dead weight of 46,200 metric tonnes, a capacity of 54,300 cubic metres and has 20 specially coated cargo tanks.

The addition of this vessel to the GulfNav fleet reaffirms the company's position as a regional leader in shipping and marine services, he said.

The vessel is the second of four vessels that will be chartered to International Shipping by Gulf Navigation Holding.

Commenting on this latest ship acquisition, Abdullah Al Shuraim, chairman, Gulf Navigation Holding, said the company's acquisition plan was on track to add to the revenue and flexibility of the company.

"The value of acquired and under development vessels is also increasing since we placed our orders," he noted.

Presently valued at $65 million, 'Gulf Huwaylat' was financed by Fortis Bank one of the world's leading ship finance and banking institutions.

The total amount of financing for all four of the vessels was for $185 million, which is equivalent to 85 per cent of purchase price.-TradeArabia News Service




Tags: fleet | Gulf Navigation Holding | chemical carrier |

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