Gulf Navigation Set Sights on 300 Pct Revenue Growth, Doubling of Fleet

Dubai-based shipping company Gulf Navigation Holding is targeting revenue growth of 300 percent by 2021 as it eyes doubling of its fleet.

Speaking at a press conference on Monday Gulfnav’s CEO, Khamis  Juma Buamim, announced that the company’s fleet would comprise 20 ships by 2020, with six units slated to start delivery as of 2018.

The new additions will include both newbuildings and second-hand acquisitions, local media cited Buamim as saying.

Currently, GulfNav has eight chemical tankers in its fleet, four fully-owned and four owned via joint ventures, and four crew boats.

The company plans to finance its growth through a USD 250 million worth of sukuk bond issue expected to take place by mid-September.

World Maritime News Staff

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