Gulf Navigation Holding News

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…

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.

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…

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)

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.

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.

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.

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.

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.

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.

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.

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

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.

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.

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…

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.

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.

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…

Gulf Navigation Holding PJSC (DFM: GULFNAV), the Dubai-based shipping company, has confirmed the appointment of Parag Jain as the company’s new Chief Executive Officer (CEO). The confirmation is a welcome move as Jain has been serving in the capacity of acting CEO since May of this year. With over 20 years of experience in the marine and maritime industry, Parag’s dynamic leadership and proficiency in the business is expected to help steer the company’s journey towards more growth and development.

Gulf Navigation Holding PJSC (GulfNav), the Dubai-based shipping company, has announced in a press conference at Rose Rayhaan by Rotana today (Tuesday, April 19, 2016), its key expansion plans to increase its assets under management and service-based revenue. The shipping company also revealed the appointment of Mr. Khamis Juma Buamim as the new Board Member, Managing Director and Group CEO by the Board of Directors during the event. The move forms part of the company’s intensified strategy to become one of the main industry leaders in the regional maritime and shipping industries. Chairman Abdulla Saeed Abdulla Brook Al Hemeiri, and Mr.

Nordic American Tankers (NAT) announced that an arbitration panel in London has produced an award in favor of NAT. Gulf Navigation Holding PJSC (GulfNav) was the other party in the arbitration. The case relates to the six-year bareboat charter with GulfNav of the Suezmax vessel Gulf Scandic (now named Nordic Harrier) covering the period 2004-2010. When the vessel was redelivered to NAT by the charterer in October 2010, it was in very poor technical condition. The vessel had not been technically operated according to sound maintenance practices by the charterer. NAT had the vessel repaired in the autumn of 2010/spring 2011, and made a claim against GulfNav for costs incurred.

Nordic American Tankers (NAT) published its financial results from 4Q 2013, noting an expected increase in tanker rates that the company expects to play a role in its recovery. In early December 2013 the Suezmax tanker rates increased significantly compared with the average for 2013. A few weeks into 2014 the rates have weakened again. We expect improved results in 1Q 2014. The timecharter results of NAT were slightly lower in 4Q 2013 than in 3Q 2013. Short term rates in the tanker market are very volatile.

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. According to Gulfnav’s financial report, its net income reached Dh15.676 million ($4.283 million) for the nine-month period ending September 30, 2015. This was significantly higher compared to the 2014 profit of Dh7.030 million ($1.92 million) posted during same timeframe.