Dubai-listed Gulf Navigation has detailed ambitious fleet and revenue targets at a press conference in Dubai.
Group chief executive officer Khamis Juma Buamim said that the fleet will double to 20 ships by the second quarter of 2020. From the second quarter of 2018 the company will receive the first of six vessels with subsequent vessels following at four-monthly intervals.
To finance its growth plans, the company is planning to issue US$250 million worth of sukuk (Islamic bonds) in late August or mid-September.
The company also intends to announce new joint venture plans in the third quarter of this year.