Dubai-based shipping company Gulfnav intends to increase its current fleet of 18 tankers to 24. Abdullah Al Shuraim, Gulfnav’s chairman, said the six additional oil, derivate and petrochemical tankers will cost about Dh1.2bn. The company has already placed orders for four of these and will receive the first, built in South Korea with a capacity of 46,000 tonnes, in May. The second, also built in South Korea, will be ready before end of the year. The remaining two, built in China, will be delivered in 2009.
Al Shuraim put the value of the four tankers at Dh800 million.
He said contracts have been signed to lease the four tankers to Sabic of Saudi Arabia for 15 years.
The other two tankers, each with a capacity of 44,000 tonnes, are being built at a cost of Dh430m. They will be part of a shipping grouping operated by one of the biggest operators of oil tankers in the world, said Al Shuraim.
Gulfnav announced a record profit of Dh116.05m in 2007, compared to Dh52.57m for 2006, up by 120.77 per cent.
The regional shipping leader also unveiled plans to further widen and solidify its position.
Al Shuraim said: “We aim to consolidate the gains made in 2007, which has been a remarkable year for Gulfnav. We were able to deliver a solid performance, superior financial results and impressive growth across all business areas. Our performance reflects the success of our strategy of innovation in providing high-quality services to clients on the back of continued growth in the global shipping business.”
Gulfnav shares began trading on the Dubai Financial Market on February 7, 2007. It is the 48th company to list on the bourse and the third company trading in the transportation industry sector.
Al Shuraim put the value of the four tankers at Dh800 million.
He said contracts have been signed to lease the four tankers to Sabic of Saudi Arabia for 15 years.
The other two tankers, each with a capacity of 44,000 tonnes, are being built at a cost of Dh430m. They will be part of a shipping grouping operated by one of the biggest operators of oil tankers in the world, said Al Shuraim.
Gulfnav announced a record profit of Dh116.05m in 2007, compared to Dh52.57m for 2006, up by 120.77 per cent.
The regional shipping leader also unveiled plans to further widen and solidify its position.
Al Shuraim said: “We aim to consolidate the gains made in 2007, which has been a remarkable year for Gulfnav. We were able to deliver a solid performance, superior financial results and impressive growth across all business areas. Our performance reflects the success of our strategy of innovation in providing high-quality services to clients on the back of continued growth in the global shipping business.”
Gulfnav shares began trading on the Dubai Financial Market on February 7, 2007. It is the 48th company to list on the bourse and the third company trading in the transportation industry sector.