Business | Shipping

Gulf Navigation boosts fleet with new chemical carrier

Gulf Navigation Holding PJSC has received the newly built Gulf Huwaylat, an IMO Type II chemical carrier capable of carrying a broad range of petrochemical products. The vessel was built at the Hyundai Mipo Dockyard in Ulsan, South Korea.

  • Staff Report
  • Published: 14:21 August 17, 2008
  • Gulf News

Dubai: Gulf Navigation Holding PJSC has received the newly built Gulf Huwaylat, an IMO Type II chemical carrier capable of carrying a broad range of petrochemical products. The vessel was built at the Hyundai Mipo Dockyard in Ulsan, South Korea.

Contracted to International Shipping, a SABIC subsidiary, on a 15-year time charter for $54.35 million, the ship is part of a series of four sophisticated chemical carriers ordered by Gulf Navigation PJSC. It has a dead weight of 46,200 metric tonnes, a capacity of 54,300 cubic metres and has 20 specially coated cargo tanks.

The addition of this vessel to the GulfNav fleet reaffirms the company's position as a regional leader in shipping and marine services. The vessel is the second of four vessels that will be chartered to International Shipping by Gulf Navigation Holding PJSC.

Engineer Abdullah Al Shuraim, Chairman, Gulf Navigation Holding PJSC, said, "Our acquisition plan is on schedule to add to the revenue and flexibility of the company. The value of acquired and under development vessels is also increasing since we placed our orders." Gulf Huwaylat is presently valued at approximately $ 65 million.

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