Core Cases

Gulf Livestock 1 - Maritime Disaster Investigation

Investigation document: Gulf Livestock 1 - Maritime Disaster Investigation

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GULF LIVESTOCK 1 INVESTIGATION

Investigation Date: December 26, 2025

VESSEL INFORMATION

| Field | Value |

|-------|-------|

| Vessel Name | Gulf Livestock 1 |

| Type | Livestock carrier |

| Flag | Panama |

| Built | 2002 |

| Length | 139 meters (450 feet) |

| Owner | Gulf Navigation Holding (UAE) |

THE SINKING

Timeline

| Date | Event |

|------|-------|

| August 14, 2020 | Departed Napier, New Zealand |

| September 1, 2020 | Engines failed around 8 PM |

| September 2, 2020 | Ship capsized and sank |

| Location | 100 nautical miles (185 km) west of Amami Ōshima Island, Japan |

Cause

  • Typhoon Maysak - the vessel sailed into the typhoon
  • Engine failure - engines failed around 8 PM on September 1
  • Ship capsized after losing propulsion

CARGO AND CREW

| Category | Number |

|----------|--------|

| Cattle | 5,867 head |

| Crew | 43 |

| Survivors | 2 (only 2 rescued) |

| Deaths | 41 |

Crew Nationalities

  • Australian (including William Mainprize)
  • Filipino
  • New Zealand

Cargo Origin

  • Cattle loaded at Napier, New Zealand
  • Destination: Port of Jingtang, Tangshan, China
  • Purpose: Breeding stock (not slaughter)

OWNER: GULF NAVIGATION HOLDING

Company Information

| Field | Value |

|-------|-------|

| Company | Gulf Navigation Holding PJSC |

| Headquarters | United Arab Emirates |

| Type | Public Joint Stock Company |

| Industry | Maritime shipping |

Official Statement

From Gulf Navigation website (September 10, 2020):

> "It is believed that the vessel sank off Japan. Investigations into the cause of the incident are still ongoing"

SAFETY CONCERNS (ABC INVESTIGATION)

December 2022 ABC Investigation Findings

According to ABC News (December 10, 2022):

> "An ABC investigation can reveal the owner of a ship that sank in a typhoon two years ago, killing 41 people, had repeated safety concerns"

AMSA (Australian Maritime Safety Authority) Findings

According to RNZ (December 11, 2022):

> "AMSA found deficiencies in navigation equipment and the crew operating the navigation equipment were not properly trained"

NEW ZEALAND RESPONSE

Live Export Suspension

According to The Guardian (September 3, 2020):

> "New Zealand suspends live cattle exports after ship sinks"

According to New York Times (September 4, 2020):

> "The animals on board the Gulf Livestock 1 were thought to have been sold abroad for breeding, not slaughter"

KEY CONNECTIONS TO NAPIER

  • Departure Port: Napier, New Zealand
  • Cargo: 5,867 cattle loaded at Napier
  • Date: August 14, 2020

INVESTIGATION STATUS

  • Panama Maritime Authority investigation
  • Japanese Coast Guard investigation
  • ABC Australia investigation (2022)

NOTES FOR FURTHER INVESTIGATION

  • Need to identify who supplied the cattle
  • Need to identify the exporter/shipper
  • Need to verify any connections to other entities
  • Need to investigate Gulf Navigation Holding shareholders

GULF NAVIGATION HOLDING PJSC - OWNERSHIP

Major Shareholders (as of November 2025)

| Shareholder | Percentage | Shares |

|-------------|------------|--------|

| BHM Capital Financial Services PJSC | 22.70% | 182,842,149 | | CMC Markets UK plc | 12.41% | 99,999,915 | | Rasmala Investment Bank Ltd. | 12.11% | 200,000,000 | | Ajman Bank | 2.74% | 45,171,061 |

| Diamond Line General Trading LLC | Unknown | Unknown |

Ownership Structure Note

From Gulf Navigation Investor Presentation (December 2025):

> "GulfNav has a diversified shareholder base, with no single shareholder holding more than ~20% and regulatory limits preventing control above 30%"

BOARD OF DIRECTORS

Current Board (2024)

| Name | Position | Type |

|------|----------|------|

| H.H. Sheikh Theyab Bin Tahnoon Bin Mohammad Al Nahyan | Chairman | Non-Executive/Independent | | Dr. Abdul Rahman Al Afifi | Vice Chairman | | | Mr. Ahmad Kilani | Board Member & Chief | | | Dr. Khalifa Saif Jumaa Saif Almehairbi | Board Member | Non-Executive/Independent | | Mr. Abdel Hadi Al Sadi | Board Member | |

VESSEL MANAGEMENT

According to The Guardian (September 3, 2020):

> "The Gulf Livestock 1, previously named Rahmeh, Cetus J, Dana Hollandia and Maersk Waterford, is currently managed by a German company, MC-"

Previous Names

  • Maersk Waterford
  • Dana Hollandia
  • Cetus J
  • Rahmeh
  • Gulf Livestock 1 (final name)

STOCK INFORMATION

| Field | Value |

|-------|-------|

| Exchange | Dubai Financial Market (DFM) |

| Ticker | GULFNAV |

| Type | Public Joint Stock Company (PJSC) |

KEY SHAREHOLDERS ANALYSIS

BHM Capital Financial Services PJSC (22.70%)

  • UAE-based financial services company
  • Largest shareholder

CMC Markets UK plc (12.41%)

  • UK-based financial trading company
  • Listed on London Stock Exchange

Rasmala Investment Bank Ltd. (12.11%)

  • UAE-based investment bank
  • Investment management arm

Ajman Bank (2.74%)

  • UAE Islamic bank
  • Based in Ajman emirate

BLOOMBERG REPORT (October 2025)

According to Bloomberg (October 8, 2025):

> "The sinking of the Gulf Livestock 1 was an existential moment for farm animal exporters. Some of those lessons are being forgotten."