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FINANCIAL NEWS
Gulf Navigation to buy oil tankers this year
30 Aug 2010
(MENAFN) The Chief Executive Officer at Gulf Navigation Holding PJSC said that the Dubai-based company is seeking to buy new crude carriers as an improving global economy boosts shipping volumes, Gulf Daily News reported.
Gulf Navigation may acquire two very large crude carriers, or VLCCs, this year, the CEO said, adding that the expected rise in oil output by 2011 will bring enough added crude supply onto the market to necessitate 45 more VLCCs.
The company is on target to ship 6 million tons of goods this year, compared with 4.5 million tons in 2009, he said, adding that the increase is a result of a stronger economy, which will raise profit this year.
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