Gulf Navigation Holdings is in search of MR and LR tankers

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With its restructuring all however wrapped up, Gulf Navigation Holdings is trying to increase with extra ships.

Though the corporate has a blended fleet of 5 chemical tankers, a livestock service, and a effectively stimulation vessel, future development can be purely within the tanker sector, based on chief monetary officer Ali Abouda.

Gulf Navigation’s five-strong chemical tanker fleet is presently tied up on long-term time charters, with 4 on constitution to Saudi Primary Industries (Sabic) and the fifth on constitution to Asian pursuits. This may maintain most of them busy for a minimum of the subsequent two years.

The Sabic quartet are set to conclude their 15-year charters in 2023 and 2024, and Abouda is assured that choices to resume for an additional 5 years can be declared.

“I don’t see why Sabic wouldn’t renew. They’re very well-built, high-standard vessels,” he stated.

Chief govt Ahmad Kilani added that even when Sabic opted to not renew, these vessels would nonetheless be capable to get good charters out there.

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In the meantime, Gulf Navigation needs to amass two extra tankers within the brief time period, partially to provide it extra publicity to the spot market.

“We have to take a threat on the spot market in order that we don’t to lose the alternatives there,” Abouda stated.

Medium-range and long-range chemical/product tankers are Gulf Navigation’s goal.

“Now we have good expertise on this sector, with a longtime consumer base,” Abouda added.

Kilani stated he’s “very bullish” in regards to the medium-range chemical tanker sector as scrapping is outpacing newbuilding deliveries.

“I consider the rise out there is sustainable and can proceed,” he stated.

Gulf Navigation’s choice is for ships that already meet the IMO’s 2030 emissions rules.

“We wish eco vessels which can be on the stage the place they don’t want any upgrades. This implies younger vessels of between 5 and 6 years. We might even take into account a newbuilding resale if that is sensible,” he stated.

Abouda revealed that a number of potential transactions are being studied, and Gulf Navigation is open to partnering with different gamers out there.

“If all goes effectively, we anticipate to shut a deal by the top of the fourth quarter of this yr, or the primary quarter of 2023,” he stated.

No additional investments within the livestock transport and offshore sectors are deliberate. The corporate plans to exit these sectors at an opportune time.

Gulf Navigation chief working officer Ali Abouda is assured that Saudi Primary Industries will renew its charters on the 4 chemical tankers, together with the 2009-built Gulf Deffi, that had been mounted to the chemical substances firm as newbuildings almost 15 years in the past. Picture: Gulf Navigation Holdings
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