Gulf Marine Services breaks into African and Latin American markets

The first contract relates to the deployment of the company’s newly acquired vessel, which has been secured on a total 170-day firm and options charter at attractive day rates.

The second contract is also an important milestone for the company, as it enters a new line of business, third-party vessel management.

Under this agreement, the company will provide for a year a full technical and operational management services for an externally-owned vessel operating in Africa. This development expands the company’s service offering and opens a new, asset-light revenue stream.

GMS executive chairman Mansour Al Alami said the contracts are an important step in the company’s growth and diversification strategy.

“Entering Africa and Latin America broadens our global presence,” he said, “while the third-party vessel management contract highlights our ability to leverage our operational expertise beyond our owned and leased fleet.

“We are particularly pleased to have secured strong rates for our newly acquired vessel, reinforcing the value of our recent investment.

“We are also pleased to confirm that these developments are in line with our expectations, and we maintain our adjusted EBITDA guidance for 2026 in the range of US$105M to US$115M.”

The company’s backlog now stands at US$666M.