Gulf Navigation orders six chemical tankers

Having skirted very close to bankruptcy in the past 18 months, Dubai’s Gulf Navigation is back in ordering mode. The tanker owner has signed a contract with China’s Wuchang Shipbuilding to build six chemical tankers. No price has been disclosed.

Last month, Gulf Navigation revealed it had managed to reduce its debt from $36m to $21m and was trying to consolidate all its borrowing in the next couple of months to ease creditor concerns.

The Gulf Navigation fleet was dramatically slimmed down in recent years as it fought back its dire financial position.