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  • 2018 January 19 13:32

    Gulf Navigation adds “Gulf Mishref” and “Gulf Mirdif” to its fleet

    Less than a month after increasing its capital to AED 1 billion through an Initial Public Offering (IPO), “Gulf Navigation Holding” PJSC has  announced  that it is  refinancing  “Gulf Mishref” and “Gulf Mirdif” petrochemical carriers, the company said in its press release.

    The move underlines  the increasing demand for the company’s shipping services, which requires increasing its fleet capacity to meet the demand for its services in the region. Refinancing the two carriers, “Gulf Mishref” and “Gulf Mirdif,” is an important addition to the  company's petrochemical transportation capabilities.

    This has  reflected positively on the value of the company's assets, which  jumped from AED 958,956  to AED1,081,948,  an increase of  13% equal to  AED 123 million.

    Both vessels have the capacity to carry over 26,000 tonnes  each of chemical cargo and each of them has 29 separate tanks. The two carriers can therefore meet demands for long - haul transportation of petrochemicals and miscellaneous petroleum products. The two vessels operate on  the East Coast of the United States and the Gulf of Mexico and further  trips between the West  African coast and Europe.

    The company will continue to increase its assets and expand its fleet to 20  vessels  by 2020. Raising  the capital through the company's IPO of AED 1 billion provide s continuous liquidity to enhance the  company's ability to expand.  When  it  completes its fleet and operational equipment  expansion plan,  the company  will become one of the largest comprehensive  stops in all areas of marine services , and  will be better able to achieve its strategy and goals by 2021.

    About Gulf Navigation Holding: 

    Gulf Navigation Holding PJSC (GNH ) is a fully integrated and synergized organization with a multi - functional business. It is the only maritime and shipping company listed in the Dubai Financial  Market since February 2007 under the symbol “GULFNAV”. The company is headquartered in  Dubai, with own branch offices inside port of Fujairah, Khorfakkan, Abu Dhabi and overseas office in the Kingdom of Saudi Arabia in addition to other offices in more than 9 countries worldwide.  GNH owns and operates a fleet of Chemical Tankers and Offshore Vessels. The company’s fleet is expected to double (20 ships) by Q2, 2020. 




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