Gulf Navigation raising $250m for further fleet expansion

Dubai’s Gulf Navigation Holding is looking to raise $250m through sale of sharia-compliant bonds this year, its group chief executive has said.

Group chief executive Khamis Juma Buamim told reporters at a press that the company has appointed First Abu Dhabi Bank (FAB) to lead the transaction.

Proceeds of the sukuk will fund expansion plans, Buamim said.

In April 2016 Buamim took to the helm of the tanker firm, which had in recent years skirted with bankruptcy.

On taking office at Gulf Navigation, Buamim quickly set about settling debts and then moved on to one of the fastest, most widespread diversifications any shipowner has ever sought.

Extra revenue streams since Buamim took office include agency, shipyards and shipmanagement. With the extra revenue streams in place Buamim has now set about a significant fleet expansion.

“We are targeting to triple the fleet size and mix by 2020,” the tanker boss told Maritime CEO magazine earlier this year.