Dubai: Gulf Navigation Holding acquired a very large crude carrier (VLCC) over the weekend in line with its announced expansion strategy in the crude oil market. The new crude carrier, to be named Gulf Eyadah, was built in 2006 and is 300,000 dwt. The ship is expected to be delivered next month and will be chartered the same day to a reliable international firm for two years at an attractive rate, the firm said in a release. Agreement for financing is in place with a major European bank at competitive rates.
Gulf Eyadah will join the firm's existing VLCC, Gulf Sheba, which was delivered late 2007. Like its sister vessel, the new VLCC will be technically managed by Gulf-Stolt Ship Management Company of Dubai, a joint venture with Norwegian shipowner Stolt Nielsen. [03/01/11]
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