Middle EastTankers

Gulf Navigation orders six chemical tankers

Photo of Sam Chambers Sam ChambersOctober 26, 2016
5 Less than a minute

Having skirted very close to bankruptcy in the past 18 months, Dubai’s Gulf Navigation is back in ordering mode. The tanker owner has signed a contract with China’s Wuchang Shipbuilding to build six chemical tankers. No price has been disclosed.

Last month, Gulf Navigation revealed it had managed to reduce its debt from $36m to $21m and was trying to consolidate all its borrowing in the next couple of months to ease creditor concerns.

The Gulf Navigation fleet was dramatically slimmed down in recent years as it fought back its dire financial position.

Photo of Sam Chambers Sam ChambersOctober 26, 2016
5 Less than a minute
Photo of Sam Chambers

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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