Gulf Navigation on Recovery Path

Photo: Gulf Navigation

By Aiswarya Lakshmi

Dubai-based shipper Gulf Navigation announced its
best annual results for eight years, on account of the
improvement in spot tanker rates and the reclassification of

In a statement, the company said it had benefitted from 'strong
and consistent financial turnaround and transformation'.

It has reported net annual earnings of AED 136.6m ($37.2m),
against AED 20.2m in 2015. Profits for the fourth quarter hit
Dh5.4m, compared with Dh4.5m a year earlier.

"Further improvement in chemical tanker spot rates specifically
contributed to increased margins along with further
rationalisation of our cost structure, which led to lower
fin­ance and overhead costs," said Khamis Buamim, Gulf
Navigation's group chief executive.

Khamis added: "We have also achieved giant strides in resolving a
number of legacy issues which we expect to be fully resolved in
the coming period."

Much of the increase in annual profits was attributed to Dh107.8m
worth of liabilities the company described as not requiring
writing back, including a "derecognition" of Dh90.6m worth of
liabilities during the year.

Gulf Navigation last month announced a global deal with maritime
firm Polimar Turkish to provide services related to the oil and
gas sector, offshore vessels, container liner vessels, bulk
carriers, cruise ships and yachts.

Feb 14, 2017

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