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. “The group is proud and pleased for this strategic partnership and we are confident that step will contribute significantly in the process of expanding our services and commercial business to different parts of the world and raise the level and quality of services provided to our customers and raise the value of the company and its position in the local and global market,” said Khamis Juma Buamim, board member, managing director and group CEO of Gulf Navigation. Established in 1996, Polimar Turkish, which provides shipping services with offices in Turkey, Bulgaria and Greece, has a presence in ports in Istanbul, Tuzla, Yalova and Canakkale in Turkey, Piraeus in Greece, Dubai, Bourgas in Bulgaria, Suez in Egypt
Gulf Navigation Holding PJSC has set its sights on a capacity expansion of close to 30 percent in 2007. After the acquisition of six double hulled product tankers at the end of last year, and the successful conclusion of their financing arrangement for the six tankers and two chemical tankers to be built in Shina shipyard totaling $186m with Nordea bank, the company plans to acquire and build additional oil and chemical tankers this year.
Gulf Navigation Holding PJSC (DFM: GULFNAV) has announced the appointment of Khalid Karim to the position of Chief Financial Officer Khalid brings to Gulf Navigation over 30 years of experience in major oil & gas and shipping companies in senior finance roles. He joins the company as it enters a new phase in its substantial expansionary plan where he will assist the company in its continuing growth strategy.
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
Dubai-based Gulf Navigation Holding (Gulfnav), a leading maritime and shipping company, has reported a substantial 123 per cent profit growth at the end of the third quarter of 2015 compared to the same period the previous year. The company released its latest financial statement amidst its strong and consistent financial turnaround and continuous intensified efforts to address creditor concerns, said a statement from the company.
The Dubai-based shipping company Gulf Navigation has posted a loss of Dh614.3-million in Q3 2013 attributable to a Dh292.8m impairment of goodwill and a write-off of Dh308.6m of the value it expected to receive for the sale of its two very large crude carriers (VLCCs). Doubts about the company’s survival prospects increase and on this question the company states as follows: Going concern The Group's condensed consolidated interim fmancial infonnation has been prepared on a 'going
The Middle East Navigation Aids Service (Menas) is cutting, with effect from July 1, 2006, its navigation dues tariffs for ships calling at ports in the Middle East Gulf. In addition to cutting its tariff for navigation dues by 50 percent, Menas is also overhauling its dues-charging structure to rationalize its impact on different classes of users. Smaller vessels, i.e. those below 15,000 net registered tons (nrt), that currently pay relatively little and incur proportionately heavy
Paul Morton has worked for 30 + years in the Marine and Offshore Industry in the Gulf Coast. Morton’s last 18 years were with a major worldwide SOLAS navigation electronics firm. He comes to Telemar USA as an “Inside Sales Manager.” Paul is responsible for parts/consumables/shipboard communication & navigation electronics for the Telemar USA, LLC.
Representatives of Port Freeport will meet with a delegation of Congressional staffers and representatives from the U.S. Army Corps of Engineers to tour the Port and discuss the viability of the Freeport Harbor Improvement Project that includes the plan to deepen the federal channel up to 60 feet and widen it up to 600 feet. Thus far, Port Freeport has received wide-spread, bi-partisan support for this critical project from the Texas delegation as well as the Governor's office of Federal
Seven Mississippi River locks between Muscatine, Iowa, and Saverton, Missouri, expected to close as water-level rises. The closures of Locks 16 through 22 will effectively shut the river to commercial navigation from central Iowa to northern Missouri, reports Reuters, citing information from the U.S. Army Corps of Engineers. Some 60 percent of U.S. grain exports are shipped via the Mississippi River and its tributaries from farms in the Midwest to export terminals at the Gulf of Mexico.
The German navigation system integrator Raytheon Anschütz has won a contract for the supply of a Synapsis Integrated Navigation System (INS) to an advanced research vessel. VARD Holding Limited, a major global designer and shipbuilder of specialized vessels
Norway's Statoil was the second top bidder for 13 oil exploration leases in the U.S. Gulf of Mexico and won six licences offshore Britain, it said on Thursday, in a sign it may be looking to boost reserves after slashing costs. "The importance of oil companies' ability to replenish
The U.S. Saint Lawrence Seaway Development Corporation (SLSDC) and the Canadian St. Lawrence Seaway Management Corporation have jointly marked the opening of the Seaway’s 59th navigation season. The official opening ceremony of the binational waterway took place on March 20 at the St
The Jal Marg Vikas Project (JMVP) on National Waterway-1 (NW-1) is being implemented with the financial and technical support of the World Bank. The Project envisages preparation of Disaster Management Plan (DMP) and Emergency Management Plan (EMP) to take care of activities
The Indian Cabinet has approved signing of a Memorandum of Understanding (MoU) for greater cooperation with regard to marine aids to navigation that includes advice on lighthouses and beacons besides vessel traffic service. "The Union Cabinet chaired by Prime Minister Narendra
In the United States, transportation infrastructure is the bedrock of our supply chains. Ports and waterways in the United States moved over 2.3 billion tons of goods in 2014. A robust maritime infrastructure to support such ports and waterways helps goods to move freely and aid in more flow
Louisiana relies on dredging for navigation and land restoration When maritime stakeholders think about dredging, they typically first conjure up visions of harbor deepening projects to accommodate those giant, post-Panamax boxships
The start of a new year often brings change, but in the nation’s capital, 2017 means a new President and Administration, and a new Congress. Waterways Council, Inc.’s objective remains the same as it has since our start in 2005: to advocate for a modern
Korean Register (KR) has opened a new ICT (information communications technology) Center to enhance the application of advanced information and ICT across the maritime and ship classification industries. According to KR, the new high-tech facility has been launched in response to demand from
BHP Billiton has advanced its exploration and production interests in the Gulf of Mexico by executing a contract with PEMEX Exploration & Production Mexico (Pemex) to complete work on the significant Trion discovery in Mexico.
Alphatron Marine has handed over the turnkey AlphaBridge tugboat console solution onboard the RT Trident to Seabulk Towing Inc. located in Fort Lauderdale, Fla. This tug bridge concept has been fully equipped with a JRC/Alphatron Marine navigation and communication package.
Wood Group PSN Inc., a Nevada corporation headquartered in Houston, was ordered to pay $9.5 million in two separate cases involving its conduct in the Gulf of Mexico. Specifically, Wood Group PSN was ordered to pay $7 million for falsely reporting over several years that personnel had performed
The strategic partnership will drive growth and accelerate innovation. Industry-leading solutions and services capabilities will deliver differentiated customer value. Transas, the innovative, digital solutions company, and Japan Radio Company (JRC)
iNavX, the benchmark marine navigation mobile application, announced today, in partnership with Fugawi and Navionics, the availability of Navionics charts in the iNavX In-App Chart Store. This is a first for the industry, and iNavX is the only independent marine navigation app to offer Navionics
A world leader in the design and manufacture of navigation and security surveillance radar, Kelvin Hughes announced in April 2015 that it had been selected to supply its SharpEye systems for the new Batch 2 River-class offshore patrol vessels (OPVs) - HMS Forth, HMS Medway and HMS Trent.