Gulf Navigation has appointed Khamis Juma Buamim as its new managing director and CEO, who it says will aim to grow the Dubai-based company’s fleet of product and chemical tankers and further develop its shipping services business.
The company plans to build up its chemical tanker fleet by leasing vessels on bareboat charters with purchase options attached. “Historically, the lucrative chemical shipping services have provided remarkable returns for the firm,” a GulfNav release said today.
It plans to trade its vessels in the spot market on trip timecharters and hopes to build its third-party owned vessel management activities through Gulf Stolt Ship Management (GSSM) and in cooperation with other business stakeholders. GSSM was formerly a 50:50 joint venture with Norway’s Stolt Tankers but GulfNav has acquired Stolt’s shareholding.
GulfNav also plans to purchase work boats in order to increase its standing as an offshore shipping services provider within the Middle East.
The company’s subsidiary Gulf Navigation Maritime established a new workshop in January, through which GulfNav wishes to increase its marine product sales and distribution within the Middle East Gulf and Gulf of Oman. The workshop, based at Khorfakkan in the UAE, will offer ship repairs, maintenance and other technical services.
GulfNav’s new CEO Buamim was previously the executive chairman of Drydocks World and Maritime World between May 2010 until March 2015, during which time he oversaw the company’s financial restructuring. He has also spent 26 years of his career working for Conoco and ConocoPhillips in various management positions.
“With his wealth of experience and knowledge in businesses turnarounds, he will be instrumental in seeing through the company to restructure its balance sheet and resolve residual issues,” commented Abdulla Saeed Abdulla Brook Al Hemeiri, GulfNav’s chairman of the board.
Buamim replaces Parag Jain as the company’s CEO. Jain was appointed to the position in December 2015 and had been acting CEO since May last year.
