- As Gulf Navigation Set Sights on 300 Pct Revenue Growth, Doubling of Fleet
India has taken a step toward increasing seaborne imports of liquefied natural gas (LNG) as the country held a ground breaking ceremony for the construction of an LNG terminal in Bhadrak.
Officials informed that cargoes carried from the US, Canada and Qatar would be delivered to the INR 60 billion (USD 930.3 million) Bhadrak terminal, which will be located at the port of Dhamra. Although India has import terminals in Gujarat and Maharashtra, the new terminal will be the country’s first LNG terminal.
Under the development plans, the LNG terminal will have a capacity of 5 million metric tons per year and is expected to contribute to the process of development and economic growth in eastern India, according to Dharmendra Pradhan, India’s Minister of Petroleum and Natural Gas.
Pradhan further informed that the terminal, which will provide employment and investment opportunities, along with access to clean fuel, is expected to be commissioned by 2020-21.
“Dhamra will be a vital link in connecting Eastern India to the gas infrastructure of the country and will also benefit neighboring countries,” Pradhan said.
Meanwhile, Dubai-based shipping company Gulf Navigation Holding is targeting revenue growth of 300 percent by 2021 as it eyes doubling of its fleet.
Speaking at a press conference on Monday Gulfnav’s CEO, Khamis Juma Buamim, announced that the company’s fleet would comprise 20 ships by 2020, with six units slated to start delivery as of 2018.
The new additions will include both newbuildings and second-hand acquisitions, local media cited Buamim as saying.
Currently, GulfNav has eight chemical tankers in its fleet, four fully-owned and four owned via joint ventures, and four crew boats.
The company plans to finance its growth through a USD 250 million worth of sukuk bond issue expected to take place by mid-September.
World Maritime News
