Gulf Navigation plans expansion

Gulf Navigation Holding has set its sights on a capacity expansion of close to 30 per cent in 2007.

After the acquisition of six double hulled product tankers at the end of last year, and the successful conclusion of their financing arrangement for the six tankers and two chemical tankers to be built in Shina shipyard totaling $186 million with Nordea bank, the company plans to acquire and build additional oil and chemical tankers this year.