Gulf Navigation nears tanker fleet deal
Dubai, June 27, 2009
Gulf Navigation Holding, a leading non-governmental ship owner in the region, has entered the final phase in negotiating the acquisition of a large and modern tanker fleet.
The company, rich in cash, has for some time sought opportunities to expand its chemical, product and crude carrier fleets, but has considered prices of new building and second hand ships unrealistically high and hence uneconomical.
Now the company feels the price of this acquisition represent a good and fair value of the vessels and the reliable charter contracts connected herewith. The company is also in negotiations with leading banks about a competitive package to finance the transaction.
“We rather consider these negotiations timely opportunities to fulfill our commitment to our shareholders and to our growth strategy in the ever-growing tanker markets,” said Abdullah Al Shuraim, chairman of the board of Gulf Navigation.
“Additions to our existing fleet will instantly secure additional long-term revenues and profits for the Company and its shareholders,” he added.
In line with its transparency policy, Gulf Navigation will announce all milestones in the negotiations as they are reached. – TradeArabia News Service