Gulf Navigation Holding appoints new CEO

Simon Barham earlier was Managing Director at Sten Tex UK ltd., a company that owns and operates tanker vessels and as Vice President at Stena Bulk ltd from October 2001 to July 2005. During this time, he played an integral part in implementing new business strategies which resulted in the increase in size of the Stena Bulk fleet. In 2004 Stena Bulk ltd. contributed some 40% of Stena Bulk AB's profit. The other positions he held during his career include Commercial Manager, Sten Tex UK ltd (1996 - 2001), and General Manager, Crescent Shipping ltd (1990 - 1996).

Elaborating on the new appointment, Engineer Abdullah Al Shuraim, Chairman, Gulf Navigation Holding PJSC, said that the board of directors was confident at having Simon Barham, lead the organization while implementing the fleet and business expansion plans. "Simon Barham's career record, in not only running shipping companies efficiently, but also taking them to newer heights of growth and profitability, is excellent.

"Gulf Navigation Holding is a solid company that has managed to demonstrate strong growth levels since its inception, backed by excellent fundamentals. We look forward to Simon's leadership taking the company to new highs and while giving the company a new look and feel," Engineer Al Shuraim added.

Simon Barham will join the company on 1st August 2007, exactly one year after Gulf Navigation Holding's AED 910 million IPO closed. It resulted in 3.5 times oversubscription collecting AED 3.1 billion and drew enthusiastic investor response.

Gulf Navigation Holding, the region's rapidly growing oil and chemical carrier, operates through a fully-integrated organizational structure. It provides the full spectrum of services for maritime liquid cargo transportation, maritime commercial agencies, vessels technical management and vessels in-port agency services.