Dubai’s Gulf Navigation wins refinance deal for tankers from China’s Jiangsu Financial Leasing Co.

“This agreement will establish a strong and prosperous relationship with our new partner, Jiangsu Financial Leasing Co, to which we are grateful for its belief in the company’s ability to grow and expand its operations,” said Ali Abouda, CFO of Gulf Navigation Holding.

The petrochemical tankers each have a tonnage capacity of 46,000 DWT, and it is capable of transporting different types of liquids, including petrochemicals, oils, and oil derivatives, using zinc and epoxy coated tanks. This is a category of the shipping business seen as having outsized prospects in the near-term, given the scale of energy demand.

Founded in 1985, Jiangsu Financial Leasing Co., is one of the bigger financial leasing companies in China. The company was listed on the Shanghai Stock Exchange in 2018. It is the first financial leasing company listed in China’s A-share market with a registered capital of 2.987 billion renminbi.

“Our signing of this agreement is a testament to the company’s financial strength and its continuous ability and determination to strengthen its position as a regional leader in the transport of petrochemicals,” said Abouda.

“The company will be able to use the new financing facilities to improve debt conditions, reduce the total cost of borrowing and avoid refinancing risks. This agreement will also assist in exploring opportunities that will enable the company to expand the scope of its integrated shipping services locally and regionally”.

We consider that our selection of outstanding partners has played a fundamental role in the Company’s success and ability to continue moving forward on its path of corrective approach

– Ali Abouda of Gulf Navigation Holding.