Gulf Navigation adds “Gulf Mishref” and “Gulf Mirdif” to its fleet
Less than a month after increasing its capital to AED 1 billion through an Initial Public Offering (IPO), “Gulf Navigation Holding” PJSC has announced that it is refinancing “Gulf Mishref” and “Gulf Mirdif” petrochemical carriers, the company said in its press release.
The move underlines the increasing demand for the company’s shipping services, which requires increasing its fleet capacity to meet the demand for its services in the region. Refinancing the two carriers, “Gulf Mishref” and “Gulf Mirdif,” is an important addition to the company's petrochemical transportation capabilities.
This has reflected positively on the value of the company's assets, which jumped from AED 958,956 to AED1,081,948, an increase of 13% equal to AED 123 million.
Both vessels have the capacity to carry over 26,000 tonnes each of chemical cargo and each of them has 29 separate tanks. The two carriers can therefore meet demands for long - haul transportation of petrochemicals and miscellaneous petroleum products. The two vessels operate on the East Coast of the United States and the Gulf of Mexico and further trips between the West African coast and Europe.
The company will continue to increase its assets and expand its fleet to 20 vessels by 2020. Raising the capital through the company's IPO of AED 1 billion provide s continuous liquidity to enhance the company's ability to expand. When it completes its fleet and operational equipment expansion plan, the company will become one of the largest comprehensive stops in all areas of marine services , and will be better able to achieve its strategy and goals by 2021.
About Gulf Navigation Holding:
Gulf Navigation Holding PJSC (GNH ) is a fully integrated and synergized organization with a multi - functional business. It is the only maritime and shipping company listed in the Dubai Financial Market since February 2007 under the symbol “GULFNAV”. The company is headquartered in Dubai, with own branch offices inside port of Fujairah, Khorfakkan, Abu Dhabi and overseas office in the Kingdom of Saudi Arabia in addition to other offices in more than 9 countries worldwide. GNH owns and operates a fleet of Chemical Tankers and Offshore Vessels. The company’s fleet is expected to double (20 ships) by Q2, 2020.