New built chemical tanker 'Gulf Jalmuda' joins Gulf Navigation Holding's fleet

The Gulf Jalmuda has been officially inaugurated during a ceremony that took place yesterday at jebel Ali Port and was attended by the company's Board of directors, stakeholders and VIP guests.

The vessel is the last in a series of four sophisticated chemical carriers ordered by Gulf Navigation Holding PJSC. With deadweight of 45,951 metric tonnes, a capacity of 54,300 cubic metres, 22 specially coated cargo tanks and classed as an IMO Type II chemical carrier she will have the capability of carrying a broad range of petrochemical products. "Gulf Jalmuda" has been built to meet the highest standards of the industry, the environment and Maritime safety.

The vessel will later be delivered to International Shipping Company, a subsidiary of The Saudi Basic Industries Corporation (SABIC) on a fifteen year time charter. The "Gulf Jalmuda" is the last of four vessels all chartered to SABIC for fifteen years.

Commenting on their latest vessel acquisition, Engineer Abdullah Al Shuraim, Chairman, Gulf Navigation Holding PJSC, noted that the vessel was contracted to meet the robust demand for such tankers and would add to the revenue and flexibility of the company and reaffirms the company's position as a regional leader in shipping and marine services in particularly during the current tough economic circumstances.

He went on to say:

"The current financial crisis has had serious impact on all business sectors in the first quarter of this year, but effective from the second half of 2009 we do expect demand returning to levels that will bring more profits for the sector and better chartering hires. We also believe that the oil and chemical tankers will continue to operate better than other shipping sectors and will remain the healthiest sector."

"GulfNav will continue its strategy of growth backed with high liquidity, good record with the international and local banks and blue-chip customers, once the price of vessels reach reasonable level through purchasing tankers under construction, second hand ships and acquisition of shipping companies.

Mr. Mohammed Al Muallem Senior Vice President and Managing Director DP World, UAE region Said: "DP World's flagship port of Jebel Ali is honoured to host the maiden call of the "Gulf Jalmuda", a technologically advanced addition to the fleet of yet another leading Dubai maritime establishment, Gulf Navigation Holding. This is an example of the kind of service partnership that will guard Dubai's advantages as the region's maritime and logistics hub for many years to come."

The vessel was financed by Fortis Bank one of the worlds's leading ship finance and banking institutions.

Gulf Navigation Holding PJSC group companies and divisions own and operate crude, BROBOS and chemical tankers. Gulf Navigation Holding is an ISO 9001:2000 certified Dubai-based company and a leading shipping and marine services company in the region. It is a United Arab Emirates holding entity with operations worldwide and 11 specialised subsidiaries. It is also the sole agency for a large number of global marine manufacturersand the only company listed on the Dubai financial market as a maritime and shipping company.