News

05 May 2008

Gulf Navigation Holding PJSC, has announced that it has taken delivery of the Gulf Fanatir a newly built vessel constructed at the Hyundai Mipo Dockyard in Ulsan, South Korea. Contracted at a cost of USD 54.35 million the ship is the first of a series of four sophisticated chemical carriers ordered by Gulf Navigation PJSC. With deadweight of 46,200 metric tonnes, a capacity of 54,300 cubic metres, 20 specially coated cargo tanks and classed as an IMO Type II chemical carrier she will have the capability of carrying a broad range of petrochemical products.
The addition of this vessel to the GulfNav fleet reaffirms the company's position as a regional leader in shipping and marine services. The vessel after delivery will be handed over to International Shipping Company, a subsidiary of SABIC on a fifteen year time charter. This is the first of four vessels that will be chartered to SABIC for fifteen years.
Commenting on their latest ship acquisition, Engineer Abdullah Al Shuraim, Chairman, Gulf Navigation Holding PJSC, noted that the vessel would add to the revenue and flexibility of the company. The value of vessels has significantly increased since we ordered the Gulf Fanatir and is presently valued at approximately USD 65 million.
The vessel, built at and delivered by the Hyundai Shipyard at Ulsan, Korea, was financed by Fortis Bank one of the world's leading ship finance and banking institutions. The total amount of financing for all four of the vessels was for USD 185 million, equivalent to 85 per cent of purchase price.
Gulf Navigation Holding has managed to demonstrate strong growth levels since its inception, backed by excellent fundamentals.