By: Amr Adel
Dubai-Mubasher: Gulf Navigation Holding is considering entering into partnerships with global companies to expand its chemical shipping business in the Gulf region, CEO Khamis Juma Buamim said.
The company is seeking opportunities whether on the short term or through long-term strategic partnerships, Buamim added.
Gulf Navigation has acquired 100% of the Gulf Stolt Ship Management (GSSM) which was previously a 50/50 joint venture with Stolt Neilson.
“The acquisition came as part of the Dubai-listed firm’s plans to expand its operations and develop the in-house ship management arm, as well as ensuring that its assets are managed to the highest industry standards,” he explained.
The company now focuses on solving the outstanding problems, as well as paying around $35 million worth of debt, the CEO said.
Gulf Navigation is negotiating to settle with its creditors on the best payment method, Buamim noted.
The company has no intention to cut its expenses at the present moment, he confirmed.
