New year, new tankers for GulfNav

Gulf Navigation Holding has taken delivery of Gulf Deffi, a new 45,590 dwt tanker constructed at the Hyundai Mipo Dockyard in Ulsan, South Korea. The delivery is the first of three tankers expected this year.

Contracted at a cost of $55m, Gulf Deffi is the third in a series of four sophisticated chemical carriers ordered by Gulf Navigation Holding PJSC. The tanker has a capacity of 54,300 m3 in 20 coated cargo tanks and is classed as an IMO Type II chemical carrier with the capability of carrying a broad range of petrochemical products. Gulf Deffi has been built to meet the highest standards of environmental protection, maritime safety and security, the company says.

The vessel will be handed over to International Shipping Company, a subsidiary of Saudi Basic Industries Corporation (SABIC), on a 15-year time-charter. All four ships in the series have similar commitments.

Commenting on this latest vessel acquisition, Abdullah Al Shuraim, chairman of Gulf Navigation Holding, notes that the vessel was contracted to meet the robust demand for such tankers and would add to the revenue and flexibility of the company.

"Passing through the consequences of the world financial crisis, the addition of Gulf Deffi to the GulfNav fleet aims to strengthen the gains made in 2008, which was a remarkable year for GulfNav," he says. "We were able to deliver a solid performance, superior financial results and impressive growth across all maritime business areas. Our performance reflects the success of our strategy of innovation in providing deliberated and high-quality services to clients on the back of continued growth in the global shipping business.

"The chemical tanker sector continues to be the healthiest sector in the entire industry with steady growth. The firmness and high performance of the chemical tanker sector continues to offset any decline in the other sectors," he adds.

Gulf Navigation owns 19 tankers and charters very large crude carriers, chemical and product tankers. It is also the sole agency for a large number of global marine manufacturers and the only company listed on the Dubai financial market as a maritime and shipping company.

www.gulfnav.com