Gulf Huwaylat added to Gulf Navigation fleet

The vessel was built at the Hyundai Mipo Dockyard in Ulsan, South Korea.

Contracted to International Shipping, a SABIC subsidiary, on a 15 year time charter for $54.35m, the ship is part of a series of four sophisticated chemical carriers ordered by Gulf Navigation PJSC. It has a dead weight of 46,200 metric tonnes, a capacity of 54,300 cubic metres and has 20 specially coated cargo tanks.

The addition of this vessel to the GulfNav fleet reaffirms the company's position as a regional leader in shipping and marine services. The vessel is the second of four vessels that will be chartered to International Shipping by Gulf Navigation Holding PJSC.

Commenting on this latest ship acquisition, Engineer Abdullah Al Shuraim, Chairman, Gulf Navigation Holding PJSC, said:

"Our acquisition plan is on schedule to add to the revenue and flexibility of the company. The value of acquired and under development vessels is also increasing since we placed our orders."

Gulf Huwaylat is presently valued at approximately $65m.

Gulf Huwaylat, built at and delivered by the Hyundai Shipyard at Ulsan, Korea, was financed by Fortis Bank one of the world's leading ship finance and banking institutions. The total amount of financing for all four of the vessels was for $185m, equivalent to 85% of purchase price.

Gulf Navigation Holding PJSC had earlier entered into two 50/50 joint ventures with Stolt-Nielsen Indian Ocean Middle East Service Ltd. (wholly owned subsidiary of Stolt-Nielsen S.A. (SNSA) (Oslo Bors: SNI)). Stolt Nielsen is the leading global chemical-tanker operator for the shipment of specialty bulk-liquids worldwide.

Gulf Navigation Holding PJSC is a United Arab Emirates company based in Dubai. Its group companies and divisions own and operate crude, clean petroleum product and chemical tankers. Recently, the company also announced that non-GCC nationals can own up to 20% of the company's shares.