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
More Industry, Logistics & Shipping Stories
- Flare, Jordan form parent company ‘Aereon’
- Drydocks delivers second MCV for US
- ASIS launches amphibious leisure boat
- Taskforce sought to develop Saudi downstream sector
- DP World launches $200m India project
- RAK 'exploring' ceramics unit stake sale
- Mideast carriers top global air freight growth
- DMCA launches maritime solution apps
- Saudi plans oil-to-chemicals plant at Yanbu
- Sabic gets four bids for JV with Mitsubishi Rayon
- Pentair, IDC launch industrial services JV
- Major maritime conference to be held in Dubai
- GPIC wins key IFA certification
- Gulf rules must aid e-commerce: Aramex
- Gulftainer expands 2013 ops by 50pc
- DMCA to take part in Dubai boat show
- Al Namal to launch eco-friendly chillers
- Abu Dhabi city ports to receive facelift
- Kuwait Styrene posts $180m net profit
- Drydocks set for key energy event
- Aramex launches new address check system
- Toshiba in green push at Bahrain expo
- Equate net profit surges 14pc to $1.2bn
- Shaikh Daij named new Alba chairman
- Al Abbas wins logistics rights to Sudan
- Milaha profits jump 14pc to top $260m
- BIC, Al Zayani renew partnership
- Dubai Metro to open 2 stations Saturday
- Top petchem firms back UAE plastics events
- DGCX, China’s DCE launch plastics futures