Gulf Navigation refinances five tankers

United Arab Emirates-based Gulf Navigation has completed the refinancing of five petrochemical tankers, under new and better terms.

The 46,000 dwt vessels were refinanced by Shanghai-listed Jiangsu Financial Leasing under an agreement that extends to five years and is said to reduce the company’s cost of finance by more than 40%.

“The company will be able to use the new financing facilities to improve debt conditions, reduce the total cost of borrowing and avoid refinancing risks. This agreement will also assist in exploring opportunities that will enable the Company to expand the scope of its integrated shipping services locally and regionally,” explained Ali Abouda, CFO of Gulf Navigation.

Listed in Dubai in 2007, Gulf Navigation has a fleet of six chemical tankers, a livestock carrier and operation support vessels.