Gulf Navigation Holding (GulfNav), the Dubai-based shipping company, today announced expansion plans to increase its assets under management and service-based revenue.
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.
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.
Technical Services and Workshop under the Umbrella of Gulf Navigation Maritime, which is a 100% subsidiary of GulfNav, began operations in January this year.
Technical Services is proposed to be a ship repair maintenance and technical service provider. 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 and Oman.
Buamim will restructure the company and lead its expansion plans to achieve new levels of growth and development.
The new MD & Group CEO was previously the Executive Chairman of Drydocks World and Maritime World from May 2010 until March 2015 and has successfully led the organization through its restructuring during a global financial crisis.