Gulf Navigation rides wave as income rises

Gulf Navigation said net earnings attributable to shareholders came in at Dh8.9 million in the quarter, up by almost a third on the same period a year ago. Jeffrey E Biteng / The National

The Dubai-based shipping services provider Gulf Navigation Holding yesterday reported first-quarter net profit attributable to shareholders rose by almost a third while gross income fell, compared with the same period a year ago.

Gulf Navigation said net earnings attributable to shareholders came in at Dh8.9 million in the quarter, up from Dh6.3m in the same period a year ago.

The company said gross income was Dh31.9m, down from Dh38.3m in the same quarter last year. Spending on vessels, property and equipment for the quarter was Dh342,000, up from Dh136,000 a year ago.

The company in February announced a settlement with a series of creditors over two defaulted loans, which had been used to acquire two oil tankers.

The two Very Large Crude Carriers (VLCCs) – the Gulf Sheba and the Gulf Eyadah – were sold to DHT Holdings of Bermuda for US$98m in September 2014, after being seized on the order of creditors in late 2013.

It announced its best annual results for eight years in February, thanks to an improvement in spot tanker rates and the reclassification of liabilities.

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