Gulf Navigation Holding (GULFNAV) will acquire a group of petrochemical and dry bulk carriers from Empire Navigation Inc (ENI), an Athens-based company.

ENI specialises in the commercial and technical management of modern oil and chemical tanker vessels and owns 20 petrochemical vessels and 16 dry bulk ships.

GULFNAV said in a statement: “ENI is well known for its commitment to maintaining the highest standards of quality and safety in all its operations.”

The statement said the ‘unique partnership’ between GULFNAV and ENI would offer opportunities through exchange of expertise and providing new jobs, as well as future benefits in line with plans to expand the scope of its business and diversify its fleet portfolio.

“With this cooperation, Gulf Navigation looks forward to achieving pole position in the field of maritime navigation at the regional and international levels to achieve increased revenues and operational profits during the coming period,” the statement said.

The announcement comes the day after GULFNAV revealed full year results, which showed it was banking on an insurance payout for the lost livestock vessel, Gulf Livestock 1, to boost its liquidity.

(Writing by Imogen Lillywhite; editing by Daniel Luiz)

 imogen.lillywhite@refinitiv.com

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