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Gulf Navigation News

16 Aug 2022

Gulf Navigation Refinances Five Petrochemical Tankers

(Photo: Gulf Navigation)

Dubai-based shipowner Gulf Navigation announced it has completed the transaction of refinancing five petrochemical tankers, "under new and preferential terms". The tankers were refinanced by China's Jiangsu Financial Leasing Co. (JFL) under an agreement that extends to five years and reduces the company’s cost of finance by more than 40%.Ali Abouda, Chief Financial Officer of Gulf Navigation Holding, said,” This agreement will establish a strong and prosperous relationship with our new partner…

16 Sep 2020

Families of Sunken Livestock Carrier Crew Plead for Search to Resume

Families of 39 Filipino crewmen who were aboard a cattle ship that sank during a typhoon are pleading for a search to continue and to expand into uninhabited islands and nearby waters, two weeks after their vessel capsized off Japan.In tears during an online news conference, family members urged authorities to resume a massive search effort, after Japan's coastguard suspended its rescue last week.Of the ship's 43 crew, three were rescued—all Filipinos—but one later died after being found unconscious. Thirty-six Filipinos, two New Zealanders and two Australians are missing."We are getting frustrated not knowing where they are," said Liberty Seneres, wife of chief engineer, Aristotle Sabillena."We are worried.

10 Sep 2020

New Zealand to Review Livestock Shipping After Capsizing

© Adwo / Adobe Stock

New Zealand on Friday launched a review of its livestock exports by sea, after a ship that left its shores with nearly 6,000 cows and 43 crew members capsized off Japan last week.Gulf Livestock 1, which left Napier Port last month bound for China sank after Typhoon Maysak lashed the area with strong winds and heavy seas.Japan's coastguards have suspended search operations, after two crewmen were rescued while another died after being found unconscious.

04 Sep 2020

Third Crewman from Sunken Livestock Carrier Rescued

A third crewman from a cargo ship that capsized this week off the coast of Japan with more than 40 crew and some 6,000 cattle on board was found alive on Friday after he was spotted by a search plane, Japan's coastguard said.The man, 30-year-old Filipino Jay-nel Rosals, was found on a liferaft waving for help 2 km (1.2 miles) off Kodakarajima, a small island in Japan's southern Kagoshima prefecture, the coastguard said.He was conscious and was able to walk when the coast guard rescued him. Rescuers also found an overturned orange lifeboat floating at sea some 4 km off Kodakarajima, but no one was found on that boat.Rosals was only the third crew member to be found so far from the Gulf Livestock 1, which capsized in the East China Sea on Wednesday and is believed to have sunk.

04 Sep 2020

Rescued Crewman Dies, Records Reveal Defects with Cattle Ship Sunk off Japan

A crewman from a cattle ship that capsized enroute from New Zealand to China has died after being pulled unconscious from water by the Japanese coastguard on Friday, while it emerged the vessel had a history of mechanical issues.The unidentified man was only the second crewman to be found. The search is still on for the remaining 41 crew members after the ship carrying 6,000 cattle capsized in the East China Sea on Wednesday.Rescuers also found a life jacket and cattle carcasses in the area where the Gulf Livestock 1 is believed to have sunk after it sent a distress call amid strong winds and heavy seas whipped up by Typhoon Maysak.Gulf Livestock 1…

25 Oct 2019

Gulf Navigation Records 19% Revenue Growth

Gulf Navigation Holding, the Dubai Financial Market listed maritime and shipping company, has announced a 19 per cent operating revenue growth by the end of Q3 of 2019, compared to the same period last year.The Dubai-based shipping company recorded an operating revenue of AED 130 million compared to AED109 million in the same period of 2018. The company reported a net loss of AED 18 million in Q3 of 2019, bringing total losses in the first 9 months of 2019 to AED 46 million."The decline in the company’s financial performance is due to the high operating costs of vessels coupled with lower asset utilization in the quarter," said a press release.Gulf Navigation has adapted well to the economic challenges in the first 9 months of 2019…

10 Dec 2018

Goldilocks Fund acquires 18.32% of UAE's Gulf Navigation

Goldilocks Investment Company, an Abu Dhabi-based fund managed by ADCM Altus Investment Management, said on Monday it had bought an 18.32 percent stake in Gulf Navigation Holding PJSC.The fund said in a statement on Monday that this includes a 4.68 percent stake in the UAE company held through a share finance facility. (Reuters reporting by Tom Arnold Editing by Alexander Smith)

14 Aug 2018

GulfNav Upgrades Fleet to Meet New Environmental Rules

Dubai-based shipping company Gulf Navigation Holding (GulfNav) is upgrading its fleet with new technologies that will help reduce the vessels’ fuel consumption and prepare them for new environmental regulations.Khamis Juma Buamim, Board Member, Managing Director and Group CEO of Gulf Navigation Holding said: "An important investment expense, for which we have allocated a substantial amount of the company’s revenues in this quarter, is the quality upgrade of our ships while they went through the mandatory five-year maintenance.""We have installed gas exhaust pumps to reduce sulphur emissions and added advanced equipment to treat ballast water to prevent biological pollution.

01 Apr 2018

Atlantic Navigation Calls Off Equity Sale to Gulf Navigation

Atlantic Navigation Holdings said that discussions pertaining to sale of a substantial equity stake to Gulf Navigation Holding  have terminated because the parties involved could not reach an agreement on the definitive terms. "The deal calling for the sale of a substantial equity stake in Atlantic Navigation to Gulf Navigation Holding PJSC is no longer on the table," said a press release from the company. In a stocke exchange announcement, Atlantic Navigation aid before Monday's trading hours it has entered into an US$8.5 million loan agreement, while a deal involving the sale of a substantial equity interest in the company is off the table.

07 Mar 2018

GulfNav Raises Funds for Expansion

Dubai-based Gulf Navigation Holding’s board has approved the trading of rights issued in February 2018 to the company’s existing shareholders, without publicly offering the remaining shares. The company's capital now stands at AED 919,209,250. (USD 250,254,718) The move is in line with the company’s interim strategy to expand its services and gradually increase the size of its fleet to keep up with upcoming contracts and expansion projects, considering its future expansion plans. Gulf Navigation Holding announced a maximum of AED 488 million (USD 133 mln) in capital increase through trading of the rights issue from 11 February to 1 March 2018 with a total value of AED 367,542,584.

15 Feb 2018

Gulf Navigation Holding FY Profit Falls

Photo: Gulf Navigation Holding

Dubai based tanker owner Gulf Navigation Holding PJSC reported its 2017 FY net profit fell to 40.7 ‍million dirhams versus 136.6 ‍million dirhams a year ago.   The company's FY gross revenues rose to 137.9 million dirhams versus ​129.5 million dirmahs for the year prior.

29 Jan 2018

Gulf Navigation to Acquire Atlantic Navigation

Dubai-based Gulf Navigation Holding PJSC (GulfNav) is in discussions to acquire a majority stake in Singapore-based Atlantic Navigation Holdings, a provider of offshore marine logistic services. Atlantic is an integrated offshore supply operation engaged in the provisioning of marine logistic services, ship repair, fabrication and other marine services. It operates out of the UAE serving primarily customers in the Middle East and India. Atlantic is an offshore marine logistic services group listed on the Singapore Stock with total assets of $177m. Gulf Navigation is in discussion with major oil companies in the Gulf Region to provide key project solution and offshore services.

21 Jan 2018

Gulf Navigation Refinances Two Carriers

Gulf Navigation Holding PJSC has announced refinancing 'Gulf Mishref' and 'Gulf Mirdif' petrochemical carriers in less than a month after increasing its capital to AED 1 billion through an Initial Public Offering (IPO). 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 with an increase of 13% equal to AED 123 million. Each of the vessels have the capacity to carry over 26,000 tonnes of chemical cargo and each of them has 29 separate tanks.

13 Aug 2017

Gulf Navigation Rapid Profit Growth

The Dubai based Gulf Navigation Holding (GulfNav) achieved remarkable growth in 2017 and witnessed many outstanding achievements in line with the steady growth of UAE economy. GulfNav announced 33% growth in net profits by the end of the first half of 2017, compared with the same period of 2016. This announcement comes concurrently with the new phase the company is launching to strengthen its position and competitiveness globally. Gulf Navigation is aiming to be one of the innovative service providers in the maritime and shipping industry. The latest financial reports released by the company shows a continuous steady improvement in its financial performance.

10 Jul 2017

Gulf Navigation Issuing $250 million in Bonds by September

Dubai's Gulf Navigation Holding , a listed shipping firm, plans to issue $250 million in sukuk, or Islamic bonds, in late August or early September, the group's chief executive said on Monday.   The company has appointed First Abu Dhabi Bank to lead the transaction, the proceedings of which will be used to back the company's expansion plans, Khamis Juma Buamim told reporters at a press conference.   Gulf Navigation is targeting revenue growth of 300 percent by 2021, the CEO said.   Reporting by Alexander Cornwell

21 May 2017

Gulf Navigation Sails to Profit

Dubai-based shipping company Gulf Navigation Holding  has reported a 39% growth in net profit at the end of the first quarter of 2017 compared to the same period in 2016. The result came at a stage while the company is witnessing a significant improvement in its performance, successful settlement of legal cases and entering into various global partnerships to strengthen its competitive position in the marine sector. According to GULFNAV’s financial report, its net profit reached AED 8.8 million (USD 2.4 million) in the first Quarter of 2017 representing an increase of 39% as compared to AED 6.3 million (USD1.7 million) of the same period last year.

14 Feb 2017

Gulf Navigation on Recovery Path

Dubai-based shipper Gulf Navigation announced its best annual results for eight years, on account of the improvement in spot tanker rates and the reclassification of liabilities. In a statement, the company said it had benefitted from ‘strong and consistent financial turnaround and transformation’. It has reported net annual earnings of AED 136.6m ($37.2m), against AED 20.2m in 2015. Profits for the fourth quarter hit Dh5.4m, compared with Dh4.5m a year earlier. “Further improvement in chemical tanker spot rates specifically contributed to increased margins along with further rationalisation of our cost structure, which led to lower fin­ance and overhead costs,” said Khamis Buamim, Gulf Navigation’s group chief executive.

08 Jan 2017

Gulf Navigation forms JV with Polimar Turkish

Dubai-listed Gulf Navigation Holding has announced a partnership with Polimar Turkish Holding to grow its fleet and increase its global reach. Under the agreement, Gulf Navigation said it would be able to serve customers in major trading ports worldwide. The Gulf Navigation fleet is expected to grow from four service boats to 10 crews, tugs and offshore support vessels with a value of US$3 million per vessel as part of the deal. The revenue from the partnership is expected to be about $27m a year, according to Gulf Navigation. The expected revenue from the partnership will be around $27m and the joint venture will be headquartered in Dubai from this month, according to the company’s release.

28 Dec 2016

GulfNav, SeaQuest Tie Up in Ship Management

Dubai-based Gulf Ship Management, a wholly owned subsidiary of Gulf Navigation Holding, announced on Tuesday a recent tie up with Switzerland’s SeaQuest Group to set up a ship management joint venture and expand operations in the region. According to this agreement, Gulf Navigation Holding will expand its business in the Middle East, Africa and other neighbouring countries in the field of Ship Management, Marine Project Management and Consultancy Services, through a new company that will be headquartered in Dubai in the beginning of January 2017 and will be a subsidiary of Gulf Navigation Holding. SeaQuest has solid experience in providing ship management and new building project management services from a network of offices in Europe (Geneva…

19 Dec 2016

Gulf Navigation, Mena Energy Sign Strategic Deal

GulfNav has marked another milestone by entering into strategic alliances with MENA ENERGY. The strategic alliances  for mutual co-operation in ship acquisition, chartering and commercial management aims to set out a platform for the parties to have an enhanced commercial relationship and to further strengthen their existing business ties. The parties have agreed that Gulf Navigation would acquire vessels that would be time-chartered to MENA Energy for carrying Crude and the petroleum products. It is intended that Gulf Navigation will acquire or order new builds up to 12 vessels ranging between 50,000mt dwt and 120,000mt dwt. Khamis Juma Buamim…

05 Dec 2016

GNH to Expand Oerations in Northern UAE

Gulf Navigation Holding (GNH) announces the initiation of studies for large expansion of its operations in the northern region of the United Arab Emirates consisting of a set of comprehensive maritime activities, (the GNH Northern Project), including ship building, ship repair and offshore platforms, equipment and services, logistics, marine specialized operations and global mobile ship repair and services including a float and during voyage. The eastern coast of the United Arab Emirates is considered one of the most important trade route in the world and berthing areas and it is the world’s second leader in the supply and ship refueling/ bunkering, per studies at least over 200 work boats are employed for offshore support and supply in the eastern coast.

26 Oct 2016

Gulf Navigation Orders 6 Tankers from Wuchang

Dubai's Gulf Navigation Holding has signed a deal with China's Wuchang Group to expand its company's fleet, it said on Wednesday. Dubai's only listed crude shipper said in a statement the agreement would help meet "increasing demand for transferring chemicals from the UAE and other GCC countries to global markets". The statement said Wuchang Group would begin building six chemicals tankers. Gulf Navigation Holding said in September it had reduced its debt from $36 million to $21 million and hopes to end a long-running dispute with creditors by consolidating all of its borrowing before the end of the year. The crude shipper expanded ambitiously at the end of the last decade just as oversupply hit the chemical tanker business and transportation rates plummeted.

19 Apr 2016

New CEO at GulfNav Leads Expansion Plans

From right to left: Khamis Juma Buamim, Group CEO, Abdulla Saeed Abdulla Brook Al Hemeiri, Chairman, and Ahmad Al Kilani, Board Member of Gulf Navigation (Photo: Gulf Navigation)

Dubai-based shipping company Gulf Navigation Holding PJSC (GulfNav) has announced in a press conference at Rose Rayhaan by Rotana April 19 its expansion plans to increase its assets under management and service-based revenue. The shipping company also revealed the appointment of Khamis Juma Buamim as the new Board Member, Managing Director and Group CEO by the Board of Directors during the event. Chairman Abdulla Saeed Abdulla Brook Al Hemeiri, and Khamis Juma Buamim along with other high-level executives…

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