GulfNav sees alternative fuel bunkering opportunities in FujairahGulfNav sees alternative fuel bunkering opportunities in Fujairah
Tanker owner also exploring partnerships and collaboration in Qatar to provide specialised shipping solutions.

Ahead of his appearance at Seatrade Maritime Qatar in February, Seatrade Maritime News spoke with GulfNav Group CFO Ali Abouda about recent and ongoing developments at the tanker owner, maritime logistics, ship management and agency group, and the company's ambitions in Qatar.
What is the current state of the acquisition of Brooge Energy Limited, and how will the acquisition affect GulfNav’s operations and capabilities?
[AA:] As of now GulfNav is in an advanced stage of the acquisition process which is still subject to regulatory approvals. This acquisition once completed will have a great impact on Gulfnav’s operations and capabilities through integrated services offerings of an end to end logistic solution, establishing a new market in the space of alternative fuel which has been picking up.
Given the strategic location of Fujairah where the storage tank farm is located, alternative fuel bunkering could be a significant business. As we have seen in Singapore, the sales of alternative fuels were over 1m tonnes in 2024, so I believe this sets the scene for a successful mirror operation in this region with a great potential for growth and expansion. Finally, integrating storage services into its portfolio allows GulfNav to diversify its revenue streams, reducing dependence on shipping operations and mitigating market volatility risks.
GulfNav recently completed two extensive drydockings within its fleet to extend the vessels’ lifespans by an extra five years. What other benefits did the drydockings bring, and what is the company’s fleet strategy going forward as its vessel age?
[AA:] GulfNav's recent completion of its fleet extensive drydockings is a strategic move to optimise its fleet's operational efficiency, compliance, and profitability. Beyond lifespan extension, the drydockings brought several key benefits, including to commercial competitiveness, by positioning ourselves as a preferred partner for charterers seeking efficient, compliant, and reliable shipping solutions.
The investment also provides improved safety and reliability through overhauling of key systems like engines, navigation equipment, and safety features that enhances the vessels’ reliability and reduces the risk of downtime or accidents and, of course, adherence to the regulatory compliance and environment improvement.
What opportunities are there for shipping companies to access finance for investments in green technology? Are lenders interested in business cases built on fuel efficiency and emissions reductions?
[AA:] Shipping companies have several opportunities to access financing for investments in green technology. As ship owners, we have noticed that lenders and investors are increasingly interested in business cases that focus on fuel efficiency and emissions reductions, which is obviously driven by stricter environmental regulations and the global push toward decarbonisation.
Some key opportunities and considerations are the Green Bonds and Sustainability Linked Loans (SLL) where for Green Bonds, shipping companies can issue green bonds to fund investments in fuel-efficient vessels, alternative fuels, and other sustainable technologies. The SLLs are loans that offer incentives such as lower interest rates if companies meet specific environmental, social, and governance (ESG) targets, including emissions reductions and fuel efficiency improvements.
On the public offering front, there are some government incentives such as the EU funding through the Horizon Program in Europe and US initiatives such as the Maritime Administration program. These programs are supported by government and international organisations offering grants and low interest loans, mainly to promote green technology in the shipping industry. In addition, we have the usual players of private equity and venture capital, and innovative solutions through partnering with the energy companies to access financing or co-investment opportunities.
How significant a market is Qatar to GulfNav?
[AA:] Qatar represents a significant market share regionally due to its strategic importance in the global maritime and energy sectors. The country's position as one of the world's largest exporters of liquefied natural gas (LNG) and its investments in maritime infrastructure make it a key player in regional shipping and logistics. Its significance to GulfNav consists of elements such as its strategic geographic location, its energy export and shipping demand, mainly in the LNG and offshore segments, as well as Qatar’s vision 2030 where GulfNav is eyeing opportunities to collaborate on projects to provide specialised shipping solutions.
Qatar is a market yet to test for us, but we are exploring how we can leverage our expertise to support the country’s maritime and logistic requirements through partnership and collaboration with Qatari shipping companies.
Ali Abouda is taking part in the Financing Tech Advanced & Green Fleets of the Future session at Seatrade Maritime Qatar on Wednesday, February 5, alongside fellow panellists Tejas Shah of Tomini Group and Stephenson Harwood’s Chinar Zaidi, and moderator Dr Adam Kent, Maritime Strategies International (MSI). Visit the Seatrade Maritime Qatar website to find out more about the two-day event and its conference agenda.
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