Gulf Navigation takes delivery of the Gulf Deffi

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Gulf Navigation Holding has taken delivery of the $55m Gulf Deffi a newly built tanker constructed at the Hyundai Mipo Dockyard in Ulsan, South Korea. She is the first of three tankers expected this year.

The vessel is the third in a series of four sophisticated chemical carriers ordered by Gulf Navigation holding PJSC. With a deadweight of 45,951 tonnes, a capacity of 54,300 cubic metres, 20 specially coated cargo tanks and classed as an IMO Type II chemical carrier she will have the capability of carrying a broad range of petrochemical products.

Following delivery she will be handed over to International Shipping Company, a subsidiary of The Saudi Basic Industries Corporation (SABIC) on a 15 year time charter. This is the third delivered tanker of four vessels that will be chartered to SABIC for 15 years.

Abdullah Al Shuraim, Chairman, Gulf Navigation Holding PJSC, said the vessel was contracted to meet the robust demand for such tankers and would add to the revenue and flexibility of the company and reaffirms the company’s position as a regional leader in shipping and marine services.

He said: “Passing through the consequences of the world financial crisis, the addition of “Gulf Deffi” to the GulfNav fleet constantly aims to strengthen the gains made in 2008, which was a remarkable year for Gulfnav. We were able to deliver a solid performance, superior financial results and impressive growth across all maritime business areas. Our performance reflects the success of our strategy of innovation in providing deliberated and high-quality services to clients on the back of continued growth in the global shipping business.

“The chemical tanker sector continues to be the healthiest sector in the entire industry with steady growth. The firmness and high performance of the chemical tanker sector continues to offset any decline in the other sectors” he added.

The vessel was financed by Fortis Bank. The total amount of financing for all four of the vessels was for $185m, equivalent to 85% of the purchase price.