Egypt’s plan to double the size of its fleet seems to have moved one step ahead, with the reported acquisition of a modern panamax by National Navigation Co.
US brokers link the state-owned company to a $38.5m deal for the 85,000-dwt Gia Ambition (built 2022).
Company managers did not immediately respond to a request for comment.
National Navigation has been at the forefront of government efforts in Cairo to expand Egypt’s seaborne carrying capacity with a focus on modern, latest-generation kamsarmaxes and post-panamaxes.
The campaign began in November when National Navigation unveiled itself as the buyer of the $38.2m 82,000-dwt AP Lovrijenac (renamed Wadi AlArish, built 2024) — which was then still a newbuilding under construction at China’s Jiangsu New Hantong.
Five months later, National Navigation directly placed a kamsarmax newbuilding order itself, booking a pair of 82,000-dwt vessels at China’s Jiangsu Hantong Ship Heavy Industry, due for delivery in 2026.
The ship it is said to be buying now, the Gia Ambition, is listed under the ownership of China-based Taizhou Gia Shipping Co.
The company, which is also known as Gia Shipping, has two identical sister ships: the Gia Glory and Gia Inspiration (both built 2022).
If confirmed, the sale of the Gia Ambition would be a profitable one for the Chinese company, which is believed to have ordered the ship at Dalian Shipbuilding Industry Co for close to $31m.
An addition of the Gia Ambition would boost the National Navigation fleet to 17 bulkers and a single container ship on the water or under construction. More deals may have yet to come.
Egypt’s transport minister, Kamel al-Wazir, said last month that his government is planning to more than double the number of state-owned vessels by the end of the decade to 31 from 14.
National Navigation, however, may not be the only beneficiary of this plan. Al-Wazir’s statements are also understood to apply to other state-owned firms, including Arab Bridge Maritime, which has seven ferries, and Cairo Ferries and Egyptian Tanker Co, which owns an aframax and an MR2.
Some of National Navigation’s new modern ships are likely to replace older tonnage.
Four of the company’s panamax bulkers were built between 1995 and 1998.
Al-Wazir has already said 40% of National Navigation’s capacity will have been renewed in three years, which he described as an “unprecedented achievement”.
The Zawya website cited the minister as saying that the idea behind the fleet expansion drive is to handle imports, particularly of wheat, on behalf of the General Authority for Supply Commodities.
Egypt is a major grain importer.
