Gulf Navigation vows to acquire a ‘huge fleet’

Having skirted with bankruptcy in recent years, Dubai’s Gulf Navigation has made a statement of intent over the weekend. In a release, the company said it was in the process of acquiring what it described as a “huge fleet”.

The company has tapped Deloitte to provide assistance as it looks to acquire lots of tonnage.

Khamis Juma Buamim, Gulf Navigation’s ceo, said the fleet build up would not just centre on the company’s traditional petrochemical domain, but would also look at other shipping sectors too. It would also look at investments in yards.

Last month the Middle Eastern tanker owner signed a contract with China’s Wuchang Shipbuilding to build six chemical tankers.

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