Dubai: Gulf Navigation Holding PJSC, the Dubai Financial Market listed maritime and shipping company, announced that it signed a Memorandum of Understanding (MoU) with Empire Navigation Inc. (“Empire Navigation”), a corporation organized and existing under the Laws of the Republic of Marshall Islands with an established branch office in Greece, and Empire Bulkers Limited (“Empire Bulkers”) a corporation organized and existing under the Laws of the Republic of Marshall Islands with an established branch office in Greece (Empire Navigation and Empire Bulkers collectively called the “Empire Group of Companies” and/or “EGC”.
The MoU provides for a strategic partnership between the two parties in the field of maritime transport through the acquisition by Gulf Navigation Holding of a group of petrochemical and dry bulk carriers, which will contribute to diversifying the company's investments and enhancing its ability to enter new markets and expand its client base.
EGC manages a diversified and modern fleet of 20 petrochemical tankers and 16 dry bulk vessels. EGC, was established in 2009, has its headquarters in Athens, Greece. It specializes in the commercial and technical management of modern oil and chemical tankers as well as dry bulk vessels. EGC is well-known for its commitment to maintaining the highest standards of quality and safety in all its operations.
The agreement will support the efforts to develop the company's maritime fleet and enhance its role in the maritime transport sector in general. This unique partnership will also offer great opportunities through the exchange of expertise and providing new jobs; as well as mutual benefits in line with the company's future plans to expand the scope of its business and diversify the fleet portfolio. The acquisition will take place after obtaining all the necessary approvals to complete the process. Subsequently, the new vessels will be utilized for hire with local and GCC clients to further contribute to greater future returns for the company.
It is expected that this agreement will be the beginning of a larger scope of partnership and on a wider scale. EGC is present in several geographical areas and has a large customer base and global partnerships in many countries.
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.
-Ends-
About Gulf Navigation Holding:
Gulf Navigation Holding PJSC (“GNH”) is a fully integrated and synergized organization with a multifunctional business. It is the only maritime and shipping company listed in the Dubai Financial Market since February 2007 under the symbol “GULFNAV”. The company is headquartered in Dubai, with branch offices inside the port of Fujairah, Khorfakkan, Abu Dhabi and an overseas office in the Kingdom of Saudi Arabia. The company has a fleet of chemical tankers, livestock transport vessels, operation support vessels, marine services, and ship repair operations. As an ISO 9001:2015 certified company accredited by Bureau Veritas, GNH is committed to adhering to the requirements of the international management code for the safe operations of vessels, pollution prevention and environmental control, including compliance with all the applicable international laws, regulations and requirements. GNH constantly works to upgrade its operations and provide high-quality services to local and international markets. This opens new opportunities to improve GHN’s services to existing customers while attracting new customers.
For media inquiries, please contact:
Nader Muqbel
Investor Relations Manager
E-mail: investor.relations@gulfnav.com
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
