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22 July 2019 The on-line newspaper devoted to the world of transports 10:13 GMT+2



April 21, 2011

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Gulf Navigation Holding has ordered the construction of two VLCC yard in Zhoushan Jinhaiwan Shipyard

Signed a lease agreement of the two new vessels with the Grand China Logistics Holding (Group) Co.

The Gulf Navigation Holding of Dubai has ordered the construction of two Very Large Crude Carriers to the shipyard of China Zhoushan Jinhaiwan Shipyard Co. The two new ships, which will be taken over in December 2012 and May 2013, will have a capacity of 320,000 tonnes of deadweight and can carry more than two million barrels of oil each.

At the same time Gulf Navigation Holding has signed a lease agreement of the two new VLCC with the Chinese Grand China Logistics Holding (Group) Co. for a period of 10 years. The Dubai company has announced that the rental contract has a value of around 1.05 billion dirhams (284.7 million dollars) and provides a mechanism for profit sharing when it reaches a ceiling.

Gulf Navigation Holding stressed that the construction and rental agreements with Chinese companies constitute its entry into the Chinese market is experiencing a strong growth of oil consumption: in 2015 - said the company - the demand for oil by China is expected to rise to 10.5 million barrels per day compared to 8.1 million barrels per day in 2009.

The two new vessels joined by units Eyadah Gulf and Gulf Navigation of the Gulf Navigation Holding, bringing to four units of the airline's fleet of VLCC for a capacity of eight million barrels.

Gulf Navigation Holding plans to increase by 2015 to nine the number of vessels in the VLCC fleet, with a capacity of 18 million barrels. The expansion program also includes the expansion of the fleet of chemical tankers and the company's entry into offshore markets and Aframax and the listing of its subsidiaries on the stock markets.
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Vincenzo Miele



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