GulfNav to Buy Four Livestock Carriers

UAEImage by WMN

Dubai-based shipping company Gulf Navigation Holding (GulfNav) plans to buy four livestock carriers in an effort to diversify its commercial operations.

The company received the green light for the planned acquisition at the board of directors meeting held today.

As informed, the ships will be bought for AED 420 million (around USD 114.3 million).

What is more, GulfNav will start the procedures for the issuance of Islamic convertible sukuk for a value of AED 100 million by way of a private placement to Wahat Al Zaweya Investment & Real Estate Development. The sukuk will be converted into the shares in the company.

With this move, GulfNav intends to finance its expansion operations through finalizing the construction of new oil tankers and purchasing the new ships to transport livestock.

Earlier this month, the company announced its financial results for the third quarter of 2018 showing that GulfNav suffered a loss of AED 3 million, compared to a profit of AED 12.4 million seen in the corresponding quarter a year earlier.

During the first nine months of this year, the company posted a loss of AED 17.8 million, against a profit of AED 31.4 million reported in the corresponding nine-month period last year.

According to VesselsValue’s data, GulfNav currently has four 50,000 dwt MR2 tankers on order at Wuchang Shipbuilding Industry Group in China, scheduled for delivery in 2018 and 2019.

Share this article

Follow World Maritime News

In Depth>

Events>

<< May 2019 >>
MTWTFSS
29 30 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

CWC World Gas & Power Series – Brazil & the Americas Summit

CWC World Gas & Power Series: Brazil & the Americas Summit is the perfect meeting place to make contacts…

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

Nor-Shipping 2019

Nor-Shipping’s conference and event programme is tailored to deliver the knowledge, value and networking to help you build your business.

read more >