Gulf Navigation Holding PJSC enters into two joint ventures with Stolt-Nielsen S.A

The first joint venture, Gulf Stolt Tankers, will own three and operate six new 44,000 dwt coated chemical tankers.

The ships will be traded in the Stolt Tankers Joint Service (STJS), with technical ship management provided by the second joint venture, Gulf Stolt Management JLT, owned by the two companies.

Gulf Navigation Holding PJSC will take delivery of two additional sister ships in 2009. Stolt-Nielsen will take delivery of four tankers — ordered from SLS Shipbuilding in South Korea — during 2008 and 2009, having taken over options it previously held.

One of the four Stolt-Nielsen ships will be sold to Gulf Navigation Holding PJSC, who will bareboat charter the three ships to the joint venture to create the 50/50 joint venture comprising the six ships.

Commenting on the joint venture, Abdullah Al Shuraim, Chairman of Gulf Navigation Holding PJSC, said,

"Meeting the long-term tonnage requirements of the rapidly growing producers in the Arabian Gulf is a key element of Gulf Navigation's growth strategy. This new structure enhances the scope of our partnership with Stolt and our participation in the STJS."

Hans P. Feringa, President of Stolt Tankers & Terminals, said, "The Arabian Gulf is the world's fastest growing chemicals-production center. We are pleased to expand Stolt's strategic presence in this key growth market, as well as our relationship with our partner, Gulf Navigation Holding PJSC, a leader in shipping and marine services here."

Gulf Navigation is a United Arab Emirates company based in Dubai.

Its group companies and divisions own and operate crude, clean petroleum product and chemical tankers.

STJS is the leading global chemical-tanker operator for the shipment of specialty bulk-liquids worldwide.