Shares in Gulf Navigation today rose to their highest level in more than three months despite a 372 per cent increase in annual losses.
Gulf Navigation’s shares rose as high as 51 fils in early trading, their highest level since October.
The Dubai-based shipping company reported an annual loss of Dh698 million for2013, compared with Dh148m for 2012.
The company said that about 89 per cent of the loss for 2013 was down to non-recurring items, including a write-off of goodwill, and provisions related to its exit of the oil tanker segment and claims against it.
The company’s total assets fell by 30 per cent to Dh1.53 billion, while total operating income for the year fell 32 per cent to Dh136.7m.
Gulf Navigation also announced that its board has approved taking legal procedures to appeal a recent London arbitration decision, which ruled that the company was liable to pay $10.2m to Bermuda’s Nordic American Tankers.
The company is expecting to finalise the sale of its two oil tankers, the Gulf Sheba and the Gulf Eyadah, to Bermuda’s DHT Holdings for $98m this week.
jeverington@thenational.ae
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
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