Gulf Navigation Looking to Acquire Large Shipping Fleet

Posted On: 30-11-2016

Dubai-based owner and operator of chemical tankers Gulf Navigation Holding PJSC (GulfNav) signed a strategic contract with Deloitte related to the company’s upcoming acquisition of a large shipping fleet, a part of GulfNav’s future expansion plans.
“This upcoming acquisition represents an important step towards achieving the company’s strategic goal in being a reliable arm for the maritime industry in the UAE and the region. With the completion of this acquisition, Gulf Navigation Holding will witness an unprecedented expansion of its shipping fleet, ship management services and other maritime services,” Khamis Juma Buamim, Board Member, Managing Director and Group CEO, said.
Khamis added that, with this move, Gulf Navigation “will become a competitive provider of a wide range of services to the maritime industry in the region.”
He said that the company’s services would expand beyond chemical carriers by including other ship types, offshore services, shipping services as well as ship building and repair.
The company did not provide further details, however, Khamis said that more information will be revealed at the completion of the acquisition.
In late October, GulfNav placed an order for six chemical tankers at China’s Wuchang Group in an aim to meet the increasing demand for transferring chemicals from the UAE and other Gulf countries to global markets.
The agreement includes working to develop the transfer of chemicals from the Gulf countries, encouraging investment in the field of chemical industry and distribution in the Gulf region, and developing investment in the heavy marine industry infrastructure, according to GulfNav.
For the three months ended September 30, 2016, Gulf Navigation reported a surge in its net income to AUD 116.8 million from AUD 5.6 million seen in the third quarter of 2015.
The company’s net income for the nine-month period stood at AUD 131.1 million, up from AUD 15.6 million.