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Gulf Navigation to expand tanker fleet
- United Arab Emirates: Sunday, November 01 - 2009 at 13:03
Gulf Navigation Holding (Gulfnav) is in talks with an unnamed company to buy four petrochemical carriers as it looks to expand its fleet of tankers via acquisitions and new manufacturing. The company, which currently owns 15 tankers, has suffered a torrid year, with a 91% fall in nine-month profits. But Abdullah Al Shuraim, the Chairman of Gulf Navigation Holding, said the company is in late-stage talks to buy a further four petrochemical tankers. "The board has instructed the executive committee and the company's management to carry on looking for best opportunities to buy crude oil and product tankers, either through acquisition or new buildings of low prices, which will assuredly achieve the company's strategy to increase its fleet," he told Emirates Business 24/7.
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StaffSunday, November 01 - 2009 at 13:03 UAE local time (GMT+4)
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