Gulf Deffi is the First of Three Chemical Tankers to be Delivered This Year

Contracted to SABIC on a 15 years Time Charter

Gulf Deffi is the Third of Four Chemical Tankers to be Delivered to SABIC

DUBAI, United Arab Emirates, 05 January 2009/PRNewswire-FirstCall/ Gulf Navigation Holding PJSC (DFM: GULFNAV), has announced that it has taken delivery of the Gulf Deffi a newly built tanker constructed at the Hyundai Mipo Dockyard in Ulsan, South Korea, this delivery is the first of three tankers expected this year.

Contracted at a cost of USD 55 million 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 metric 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. "Gulf Deffi" has been built to meet the highest standards of environment, maritime safety and security basis.

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

Commenting on their latest vessel acquisition, Engineer Abdullah Al Shuraim, Chairman, Gulf Navigation Holding PJSC, noted that 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 went on to say "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."

"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 one of the world's leading ship finance and banking institutions. The total amount of financing for all four of the vessels was for USD 185 million, equivalent to 85 per cent of purchase price.

Gulf Navigation holding PJSC group companies and divisions own and operate crude, clean petroleum product and chemical tankers, Gulf Navigation Holding is an ISO 9001:2000 certified Dubai-based company and a leading shipping and marine services company in the region. It is a United Arab Emirates holding entity with operations worldwide and 11 specialised subsidiaries. The company owns 19 tankers and charters VLCCs, Chemical and Product Tankers. It is also the sole agency for a large number of global marine manufacturersand the only company listed on the Dubai financial market as a maritime and shipping company.

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About Gulf Navigation Holding PJSC:
For more information, please visit http://www.gulfnav.com or contact Basem Barry on +971-4-4270104 or e-mail basem@gulfnav.com

© Press Release 2009