The company said that it aims to become one of the industry leaders in the regional maritime and shipping industries.
Chairman Abdulla Saeed Abdulla Brook Al Hemeiri, and Khamis Juma Buamim along with other high-level executives, explained GulfNav’s strategy at a Dubai press conference. The strategy was to grow its fleet of product and chemical tankers and reinforce its shipping services business, they said.
In addition to acquisition of new tonnage, GulfNav will become involved in new projects and activities to contribute to turnover and profit growth over the next five years, they said.
These projects include offshore support services, increasing shipping services and marine product sales and distribution through the expansion of shipping services network within the Arabian Gulf and Gulf of Oman; engaging in trip timecharters by working and trading vessels on spot hire; acquiring vessels on bareboat charters with purchase options; purchasing work boats for offshore projects; and building a global network with business stakeholders and third-party owned vessel management under the Gulf Stolt Ship Management (GSSM) umbrella.
GulfNav has acquired 100% stake of GSSM, which was previously a 50/50 joint venture with Stolt-Nielsen to develop the its-house shipmanagement arm and ensure that its assets are managed and maintained to the highest industry standards.
In January 2016, Technical Services and Workshop was formed under the umbrella of Gulf Navigation Maritime, which is a 100% subsidiary of GulfNav. Technical Services is a shiprepair, maintenance and technical services provider.
The new Service facilities now operate out of the company’s existing Khor Fakkan base to cater to the ever growing shipping needs in the northern part of the UAE (Khor Fakkan, Fujairah, Ras al Khaimah) and Gulf of Oman.
Buamim will restructure the company and lead its expansion plans to achieve new levels of growth and development. He was previously the executive chairman of Drydocks World and Maritime World from May, 2010 until March, 2015 and successfully led the organisation through its restructuring during a global financial crisis.
An oil and gas industry veteran, Buamim was the chairman and CEO of Regional Clean Sea Organization (RECSO), the Gulf oil industry organisation. Prior to joining RECSO, he was with Conoco and ConocoPhillips for 26 years in various management positions, including vice president of Dubai Petroleum Company (DPC), a ConocoPhillips affiliate based in the UAE.
“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 realisee its expansion plans,” Abdulla Saeed Abdulla Brook Al Hemeiri, said.