Gulf Navigation in 15-yr time charter deal with SABIC

06 January 2009 04:59  [Source: ICIS news]

SINGAPORE (ICIS news)--Dubai-based shipping company Gulf Navigation Holding said on Monday its new chemical tanker is on a long term 15-year time charter contract with Saudi petrochemicals giant SABIC.

The company has taken delivery of the new tanker named “Gulf Deffi”, which was contracted at a cost of $55m (€40.7m) and built at the Hyundai Mipo Dockyard in Ulsan, South Korea.

The chartered vessel can carry a broad range of petrochemical products, with a 45,951 deadweight metric tonnes, a capacity of 54,300 cubic metres, 20 specially coated cargo tanks and classed as an IMO Type II chemical carrier.

The vessel after delivery will be handed over to SABIC subsidiary, International Shipping Company.

Gulf Deffi was the first of three vessels that Gulf Navigation expects to be delivered this year.

"Chemical tanker sector continues to be the healthiest sector in the entire (shipping) industry with steady growth. The firmness and high performance of the chemical tanker sector continues to offset any decline in the other sectors,” said Abdullah Al Shuraim, chairman of Gulf Navigation, in a statement.

Gulf Navigation owns 19 tankers and charters very large crude carriers (VLCCs), chemical and product tankers.

“Such a large vessel would be used for deep-sea routes. Its cargo can include benzene, toluene, xylenes, palm oil, and EG (ethylene glycol),” said a Singapore-based shipping broker.

SABIC is a major global exporter of chemicals such as monoethylene glycol (MEG).

($1 = €0.74)

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By: Pearl Bantillo
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