Gulf Navigation Holding (Gulfnav) has purchased Gulf Sheba, a 300,000 dwt very large crude carrier (VLCC).

This addition to its fleet confirms the company as a regional leader in shipping and marine services with global operations through its 11 specialised subsidiaries.
The vessel, which cost Gulf Navigation Dh403 million ($109.7 million), was handed over to TMT of Taiwan soon after delivery, on a three-year time charter at the rate of $52,000 per day. The deal is expected to generate total revenues of about $56.9 million for the company. In other words, more than half the cost of the vessel will be recovered from this contract alone, it said.
Commenting on the purchase of the ship, Abdullah Al Shuraim, chairman, Gulf Navigation Holding, said that the vessel would substantially add to the revenue of the company as well as its prestige.
“Apart from the revenue that accrues from the vessel, its value also keeps appreciating. It is presently valued at between $145 – 150 million,” he added.
The vessel, built at and delivered by Nacks Shipyard in China, was fully financed by DnB NOR.