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Gulf Navigation taps Chinese leasing for refinancing

Photo: Gulf Navigation The Gulf-Fanatir is one of five vessels to be involved in the refinncing deal
The Gulf-Fanatir is one of five vessels to be involved in the refinncing deal
Maritime transportation specialist Dubai Financial Market-listed Gulf Navigation has secured a five-year refinancing package for five petrochemical tankers from a Chinese lender.

The Dubai-based shipowner said it reached a loan restructuring agreement with Jiangsu Financial Leasing Co. (JFL) According to the agreement, five petrochemical tankers, each with a capacity of 46,000 dwt, and capable of transporting different types of liquids, including petrochemicals, oils, and oil derivatives, are being refinanced. The value of the financing deal was not disclosed.

Chinese leasing has been one of the fastest growing forms of ship finance in the last decade. JFL is a state-owned non-banking financial institution approved by the China Banking and Insurance Regulatory Commission. It was listed on the Shanghai Stock Exchange  in 2018.

“This agreement will establish a strong and prosperous relationship with our new partner, Jiangsu Financial Leasing Co., to which we are grateful for its distinguished support and belief in the company’s ability to grow and expand its operations in the coming years,” Ali Abouda, CFO, Gulf Navigation Holding, said.

“The company will be able to use the new financing facilities to improve debt conditions, reduce the total cost of borrowing and avoid refinancing risks. This agreement will also assist in exploring opportunities that will enable the company to expand the scope of its integrated shipping services locally and regionally.”

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