Gulf Navigation to Expand Fleet

28 June 2009 (Last Updated June 28th, 2009 18:30)

Dubai-based shipowner Gulf Navigation has entered the final phase in negotiating the acquisition of a large chemical and crude tanker fleet in a major expansion of its business. Prices of new builds and second-hand ships have been unrealistically high but the company feels the price

Dubai-based shipowner Gulf Navigation has entered the final phase in negotiating the acquisition of a large chemical and crude tanker fleet in a major expansion of its business.

Prices of new builds and second-hand ships have been unrealistically high but the company feels the price of this acquisition represents fair value, it said in a statement.

Gulf Navigation did not indicate which company it is in negotiations with.

The company is in talks with leading banks to finance the transaction.