Gulf Navigation has struck a deal to charter out a new fleet of tankers, as it strives to conquer its debts by the end of the year.
In a statement to investors on Saturday, the Dubai-listed company said that under the terms of the deal it would acquire or order up to 12 new vessels of between 50,000 metric dead weight tonnes (dwt) and 120,000 dwt, which would be chartered to Mena Energy for carrying crude oil and petroleum products.
Gulf Navigation did not say how much would be paid for chartering the tankers to Mena Energy, or for how long they would be chartered.
Khamis Juma Buamim, Gulf Navigation’s managing director and group chief executive, said the deal was “another step forward in Gulf Navigation’s strategic business expansion process”.
The deal will come as a boost to Gulf Navigation, which has been struggling to cut its legacy debts and end a long-running dispute with creditors by the end of this year, while pumping more money into profitable sides of the business.
Like many UAE companies, Gulf Navigation, Dubai’s only listed crude oil shipper, expanded ambitiously in the mid to late 2000s. However, it was hit hard after the global financial downturn, when oversupply hit the chemical tanker business and transportation rates plummeted.
Last year the company said it would issue US$60 million of convertible bonds in an attempt to ease pressure from its creditors while auditor PwC warned that the group’s liabilities had cast doubt on its abilities to continue as a going concern.
However, since then the company, under new management, has been working on a turnaround strategy that includes growing its shipping services and technical services businesses.
In October, Gulf Navigation announced plans to expand its chemical tanker fleet through a strategic partnership with Chinese heavy industry giant Wuchang Group. And earlier this month Gulf Navigation said it had initiated feasibility studies to expand into new operating lines, including shipbuilding and ship repair in conjunction with two Chinese shipping companies, Wuchang Shipbuilding Industry Group and Qingdao Beihai Shipbuilding Heavy Industry.
Gulf Navigation’s shares have been one of the best performing on the Dubai Financial Market General Index this year, rising from 60 fils at the start of the year to Dh1.60 on Thursday.
In September, Mr Buamin said Gulf Navigation aimed to repay $35m in outstanding debt this year.
According to Baltic Exchange data, oil tanker rates jumped to their highest since the start of the year in December, as oil producers rushed to increase output before cuts come in and crude prices increase following last month’s Opec accord.
lbarnard@thenational.ae
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TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
Water waste
In the UAE’s arid climate, small shrubs, bushes and flower beds usually require about six litres of water per square metre, daily. That increases to 12 litres per square metre a day for small trees, and 300 litres for palm trees.
Horticulturists suggest the best time for watering is before 8am or after 6pm, when water won't be dried up by the sun.
A global report published by the Water Resources Institute in August, ranked the UAE 10th out of 164 nations where water supplies are most stretched.
The Emirates is the world’s third largest per capita water consumer after the US and Canada.
What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
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The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
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Specs
Engine: 2-litre
Transmission: Eight-speed automatic
Power: 255hp
Torque: 273Nm
Price: Dh240,000
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
THE BIO:
Sabri Razouk, 74
Athlete and fitness trainer
Married, father of six
Favourite exercise: Bench press
Must-eat weekly meal: Steak with beans, carrots, broccoli, crust and corn
Power drink: A glass of yoghurt
Role model: Any good man
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
The%20specs
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$1,000 award for 1,000 days on madrasa portal
Daily cash awards of $1,000 dollars will sweeten the Madrasa e-learning project by tempting more pupils to an education portal to deepen their understanding of math and sciences.
School children are required to watch an educational video each day and answer a question related to it. They then enter into a raffle draw for the $1,000 prize.
“We are targeting everyone who wants to learn. This will be $1,000 for 1,000 days so there will be a winner every day for 1,000 days,” said Sara Al Nuaimi, project manager of the Madrasa e-learning platform that was launched on Tuesday by the Vice President and Ruler of Dubai, to reach Arab pupils from kindergarten to grade 12 with educational videos.
“The objective of the Madrasa is to become the number one reference for all Arab students in the world. The 5,000 videos we have online is just the beginning, we have big ambitions. Today in the Arab world there are 50 million students. We want to reach everyone who is willing to learn.”
The biog
Name: Dhabia Khalifa AlQubaisi
Age: 23
How she spends spare time: Playing with cats at the clinic and feeding them
Inspiration: My father. He’s a hard working man who has been through a lot to provide us with everything we need
Favourite book: Attitude, emotions and the psychology of cats by Dr Nicholes Dodman
Favourit film: 101 Dalmatians - it remind me of my childhood and began my love of dogs
Word of advice: By being patient, good things will come and by staying positive you’ll have the will to continue to love what you're doing