Dubai-based Gulf Navigation Holding (GulfNav), a leading maritime and shipping company, has announced expansion plans aimed at increasing its assets under management and service-based revenue.

The announcement was made during a press conference held at the Rose Rayhaan by Rotana, in Dubai, UAE.

The shipping company also revealed the appointment of Khamis Juma Buamim as the 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 become one of the main industry leaders in the regional maritime and shipping industries, said a statement from the company.

Buamim will restructure the company and lead its expansion plans to achieve new levels of growth and development. He was previously the executive chairman of Drydocks World and Maritime World from May 2010 until March 2015 and has successfully led the organisation through its restructuring during a global financial crisis.

Chairman Abdulla Saeed Abdulla Brook Al Hemeiri and Buamim, along with other high-level executives, were present in the press conference to explain the company’s strategy to grow its fleet of product and chemical tankers and reinforce its shipping services business.
Historically, the lucrative chemical shipping services have provided remarkable returns for the firm.

In addition to acquisition of new tonnage, GulfNav will execute new projects and activities to contribute to turnover and profit growth over the next five years. These projects include offshore support services, increasing shipping services and marine product sales and distribution through expansion of shipping services network within the Arabian Gulf and Gulf of Oman; engaging in trip time charters by working and trading vessels on spot hire; acquiring vessels on bare boat with purchase option; purchasing work boats for offshore projects; and building global network with business stakeholders and third-party owned vessel management under the Gulf Stolt Ship Management (GSSM) umbrella.

GulfNav has acquired 100 per cent stake of GSSM which was previously a 50/50 joint venture with Stolt Neilson to develop the in-house ship management arm and ensure that its assets are managed and maintained to the highest industry standards, said a statement.

The 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, it added.

Hemeiri said: “With his wealth of experience and knowledge in businesses turnarounds, Buamim will be instrumental in seeing through the company to restructure its balance sheet and resolve residual issues.”

“Most importantly, his prominent role and reputation within the maritime sector make him uniquely capable to open new doors for GulfNav and create opportunities and partnerships to realise our expansion plans. The board of directors has utmost confidence that he will be able to steer our company into a new course toward restoring its role as a key player in the maritime sector,” he added. – TradeArabia News Service