Gulf Navigation unveils expansion plans to increase tonnage and grow service-based revenue

Business

Gulf Navigation unveils expansion plans to increase tonnage and grow service-based revenue

Gulf Navigation Holding PJSC (GulfNav), the Dubai-based shipping company, has actually revealed in a press conference at Rose Rayhaan by Rotana today (Tuesday, April 19, 2016), its essential growth plans to enhance its possessions under management and service-based profits. The shipping company also revealed the consultation of Mr. Khamis Juma Buamim as the brand-new Board Member, Managing Director and Group CEO by the Board of Directors during the event. The move forms part of the company's intensified strategy to turn into one of the main industry leaders in the regional maritime and shipping industries.

Chairman Abdulla Saeed Abdulla Brook Al Hemeiri, and Mr. Khamis Juma Buamim in addition to other high-level executives, existed in journalism conference to explain GulfNav's method to grow its fleet of product and chemical tankers and enhance its shipping services business. Historically, the financially rewarding chemical shipping services have offered amazing returns for the firm.

In addition to acquisition of new tonnage, GulfNav will perform brand-new jobs and activities to add to turnover and revenue growth over the next five years. These jobs include offshore assistance services, increasing shipping services and marine product sales and distribution through growth of shipping services network within the Arabian Gulf and Gulf of Oman; participating in journey time charters by working and trading vessels on area hire; obtaining vessels on bare boat with purchase choice; acquiring work boats for offshore projects; and constructing worldwide network with business stakeholders and third-party owned vessel management under the Gulf Stolt Ship Management (GSSM) umbrella.

GulfNav has gotten 100 per cent stake of GSSM which was previously a 50/50 joint venture with Stolt Neilson to establish the internal ship management arm and guarantee that its assets are managed and kept to the highest market requirements.

Additional begun in Jan 2016 Technical Services and Workshop under the Umbrella of Gulf Navigation Maritime LLC, which is a 100 % subsidiary of GulfNav. Technical Services is proposed to be a ship repair upkeep and technical company. The brand-new Service facilities will be operating out of an existing Khorfakkan base of the company and cater to the ever growing shipping needs in the northern part of the UAE (Khorfakkan, Fujairah, Ras al Khaimah) and Gulf of Oman.

Mr. Buamim, will reorganize the company and lead its expansion plans to achieve brand-new levels of growth and development. The new MD & Group CEO was previously the Executive Chairman of Drydocks World and Maritime World from May 2010 till March 2015 and has effectively led the organization through its restructuring throughout a worldwide financial crisis.

An oil and gas industry veteran, Buamim was the Chairman and Chief Executive Officer of Regional Clean Sea Organization (RECSO), the Gulf oil market company. Prior to signing up with RECSO, he was with Conoco and ConocoPhillips for 26 years in numerous management positions, including Vice President of Dubai Petroleum Company (DPC), a ConocoPhillips affiliate company in the UAE.

"With his wealth of experience and knowledge in businesses turn-arounds, he will contribute in translucenting the business to restructure its balance sheet and deal with residual concerns. Most significantly, his prominent function and outstanding credibility within the maritime sector make him distinctly capable to open brand-new doors for GulfNav and produce opportunities and collaborations to recognize its growth strategies. The Board of Directors has utmost self-confidence that Mr. Buamim will have the ability to steer GulfNav into a new course towards restoring its function as a key player in the maritime sector," Mr. Abdulla Saeed Abdulla Brook Al Hemeiri, said.

Gulf Navigation Holdings PJSC, a fully-integrated ship-owning company with its own technical ship management business (GSSM), owns and operates a fleet of chemical tankers. To this day, it stays the very first and only publicly listed maritime and shipping company in the UAE.