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Gulf Navigation takes tanker delivery

Dubai, March 25, 2009

Gulf Navigation Holding said it has taken delivery of the Gulf Jalmuda a newly-built tanker constructed at the Hyundai Mipo Dockyard in Ulsan, South Korea.

The Gulf Jalmuda was officially inaugurated at a ceremony held at jebel Ali Port in the presence of the company’s board of directors, stakeholders and officials.

The vessel is the last in a series of four sophisticated chemical carriers ordered by Gulf Navigation Holding.

With deadweight of 45,951 metric tonnes, a capacity of 54,300 cubic metres, 22 specially coated cargo tanks and classed as an IMO Type II chemical carrier, it will have the capability of carrying a broad range of petrochemical products.

“Gulf Jalmuda” has been built to meet the highest standards of the industry, the environment and Maritime safety.

The vessel will later be delivered to International Shipping Company, a subsidiary of The Saudi Basic Industries Corporation (SABIC) on a fifteen year time charter. The “Gulf Jalmuda” is the last of four vessels all chartered to Sabic for fifteen years.

Commenting on their latest vessel acquisition, Abdullah Al Shuraim, chairman, Gulf Navigation, noted that the vessel was contracted to meet the robust demand for such tankers and would add to the revenue and flexibility of the company.

The acquisition reaffirms the company’s position as a regional leader in shipping and marine services in particularly during the current tough economic circumstances, he pointed out.

'The current financial crisis has had serious impact on all business sectors in the first quarter of this year, but effective from the second half of 2009 we do expect demand returning to levels that will bring more profits for the sector and better chartering hires.'

'We also believe that the oil and chemical tankers will continue to operate better than other shipping sectors and will remain the healthiest sector,' he added.

Al Shuraim said GulfNav will continue its strategy of growth backed with high liquidity, good record with the international and local banks and blue-chip customers, once the price of vessels reach reasonable level through purchasing tankers under construction, second hand ships and acquisition of shipping companies.

Mohammed Al Muallem, senior vice president and managing director DP World, UAE region said: 'DP World’s flagship port of Jebel Ali is honoured to host the maiden call of the “Gulf Jalmuda”, a technologically advanced addition to the fleet of yet another leading Dubai maritime establishment, Gulf Navigation Holding.'

'This is an example of the kind of service partnership that will guard Dubai’s advantages as the region’s maritime and logistics hub for many years to come.'

The vessel was financed by Fortis Bank one of the world’s leading ship finance and banking institutions.-TradeArabia News Service




Tags: Gulf Navigation | Chemical tanker |

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