GulfNav Posts Net Loss but Revenue Jumps

Gulf FanatirGulf Fanatir. Image Courtesy: GulfNav

Dubai-based shipping company Gulf Navigation Holding (GulfNav) ended the first quarter of this year with a net loss.

The company suffered a net loss of AED 11 million (around USD 3 million) in Q1 2019, compared to profits of AED 5 million during the same period last year.

During Q1 2019, GulfNav achieved operating revenue of AED 45 million, compared to AED 37.7 million seen in Q1 2018. This represents a year-over-year (YoY) increase of 19%.

As explained, the net result was negatively impacted by off-hire days for a vessel and additional expenses attributed to a 10-year special survey.

Specifically, the company’s petrochemical tanker Gulf Deffi entered the dry dock for the mandatory special survey work, resulting in 50 days of off-hire for this vessel during Q1.

GulfNav also incurred increased depreciation and finance costs on account of the acquisition of livestock carriers in Q4 2018, which affected the net profit.

“The board of Gulf Navigation is reviewing all strategic growth options to return the company to profitability. Our immediate focus is to complete the necessary vessel dry-docks and achieve debt refinancing to align Gulf Navigation’s capital structure to its operations,” Saeed Mubarak Al Hajeri, Chairman of GulfNav board, commented.

“We expect the product tanker charter market to become attractive ahead of the IMO 2020 implementation. We are repositioning our balance of spot and long term charter contracts to optimize the operating revenues,” he added.

GulfNav has a fleet of chemical tankers, livestock transport vessels, operation support vessels, marine services, and ship repair operations.

Related: Goldilocks Takes 18.3 Pct Share in Gulf Navigation

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jun 2019 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

World Gas Series: Morocco Summit

Bringing together key players in the gas value chain in Morocco, the World Gas Series:

read more >

Electric & Hybrid Marine World Expo Conference 2019

Electric & Hybrid Marine World Expo Conference is the world’s only international conference…

read more >

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

Shipping Transformation Asia

Shipping Transformation Asia will provide a platform for future-focused discussion in the shipping,…

read more >