GulfNav Poised for Growth, Fleet Expansion

first_imgzoom Dubai-based shipping company Gulf Navigation Holding PJSC (GulfNav) is planning to add new tonnage to its fleet of product and chemical tankers and reinforce its shipping services business.The fleet growth plan was announced by the company at today’s press conference, with GulfNav setting sights on new projects and activities in offshore support services, increasing shipping services and marine product sales and distribution through expansion of shipping services network within the Arabian Gulf and Gulf of Oman.The plans also include engaging in trip time charters by working and trading vessels on spot hire; acquiring vessels on bare boat with purchase option; purchasing work boats for offshore projects; and building global network with business stakeholders and third-party owned vessel management under the Gulf Stolt Ship Management (GSSM) umbrella.Specifically, GulfNav has acquired 100 per cent stake of GSSM which was previously a 50/50 joint venture with Stolt Neilson to develop the in-house ship management arm.Under the plan, Technical Services is proposed to be a ship repair maintenance and technical service provider. The new service facilities will be operating out of an existing Khorfakkan base of the company and cater to the shipping needs in the northern part of the UAE (Khorfakkan, Fujairah, Ras al Khaimah) and Gulf of Oman.The shipping company also revealed the appointment of Khamis Juma Buamim as the new Board Member, Managing Director and Group CEO who is set to head the company’s restructuring process and lead its expansion plans.The new MD & Group CEO was previously the Executive Chairman of Drydocks World and Maritime World from May 2010 until March 2015 and has led the organization through its restructuring during a global financial crisis.“With his wealth of experience and knowledge in businesses turnarounds, he will be instrumental in seeing through the company to restructure its balance sheet and resolve residual issues. Most importantly, his prominent role and stellar reputation within the maritime sector make him uniquely capable to open new doors for GulfNav and create opportunities and partnerships to realize its expansion plans,” GulfNav’s Chairman Abdulla Saeed Abdulla Brook Al Hemeiri said.last_img

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