Gulf Navigation Rises Most in More Than a Week on Joint Venture

Gulf Navigation Holding (GULFNAV) PJSC rose the most in more than a week as Dubai’s only publicly traded oil-tanker owner hired advisers to form a join venture in Saudi Arabia, the world’s biggest exporter of crude oil.

The shares soared 6 percent, the most since April 17, to 40.8 fils at 1:14 p.m. in Dubai.

Gulf Navigation appointed Deutsche Securities Inc and King & Spalding LLP to "secure the equity and establishment" of a Very Large Crude Carrier venture, the company said. The venture, which plans to list shares on the Saudi stock market, will own four VLCCs and expand the fleet to nine by 2015, it said.

To contact the reporter on this story: Zahra Hankir in Dubai at zhankir@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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