Dubai shipowner, Gulf Navigation Holding, has entered into an agreement with Empire Navigation and Empire Bulkers, part of the Athens-based Empire Group, which manages a fleet of 20 petrochemical tankers and 16 dry bulk vessels, to establish a strategic partnership between the two organisations. As part of the deal, Gulf Navigation is to acquire a number of petrochemical and dry bulk carriers from Empire, enhancing its ability to enter new markets and expand its client base.
A statement from Gulf Navigation said the partnership will also offer other opportunities, including the exchange of expertise and the creation of new jobs. It is expected that the additional vessels, which will be used for charters with local and GCC clients, will generate ‘positive returns’ for the company. It is also expected that this agreement will mark the beginning of a broader partnership between Gulf Navigation and EGC, which has a presence in several different geographical areas and has a large customer base in many countries.
Gulf Navigation, which returned to profitability in 2020 due to higher charter rates for its vessels, has also received a boost with the completion of major repair work on its livestock carrier, Gulf Livestock 2, which finally set sail after months of being docked for extensive maintenance work at Ozata Shipyard in Yalova, Turkey. The vessel, now refurbished to safely accommodate and transport livestock cargo, has entered a 5-year bareboat charter contract with Mira International Shipping. Gulf Navigation claims the employment of the vessel will enhance the liquidity of the company, generate improved revenues and increase profitability for the next few years.