Gulf Navigation may sell shares or Islamic bonds as the Dubai-based ship-owner plans to seek funds to double or triple its fleet of oil and chemical ships, according to Chief Executive Officer Khamis Juma Buamim. The company wants to acquire chemical and product tankers as well as offshore support vessels, after it agreed last month to settle historical liabilities. Gulf Navigation currently owns eight chemical tankers and four crew boats. The company said that it may need to double or triple their fleet by 2020.
The CEO said that most of the legacy issues are sorted out or about to be finalized. Gulf Navigation reached a settlement with DVB Bank SE, BNP Paribas SA and DNB ASA over liabilities dating back to 2014, the company said in a statement on Feb. 19. The company has started studying an expansion of operations including ship-building and repairs in the northern parts of the United Arab Emirates, together with two Chinese shipbuilders.