GulfNav to double its Fleet

Jul 14 2017

Gulf Navigation Holding (GulfNav) is targeting revenue growth of 300% by 2021.

GulfNav’s CEO, Khamis Juma Buamim, confirmed that the company’s fleet would comprise 20 ships by 2020. Six vessels will be delivered from next year.

The new additions will include both newbuildings and secondhand acquisitions, the company said.

Currently, GulfNav has eight chemical tankers in its fleet, four fully-owned and four owned via joint ventures, plus four crew boats.

The company said that it planned to finance the growth through a $250 mill sukuk bond issue expected to come to market by mid-September. 

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