Dubai’s Gulf Navigation brings down accumulated losses to Dh2.7m from Dh679m

Dubai: The Dubai shipping company is making each of its turnaround plans work as it closed 2023 with a net profit of Dh21 million from a loss of Dh7.6 million a year ago. Just as vital was a capital restructuring exercise that resulted in accumulated losses getting whittled down to Dh2.7 million from Dh679 million. “We succeeded in the implementation of the capital increase process and transforming the company from loss-making to profit within 3 years” said Ahmed Kilani, CEO. This in turn led to ‘completing the capital restructuring process and attracting new investors that have injected the necessary funds the company needs to expand and increase its maritime fleet’. The Gulf Navigation’s current capital is around Dh838 million, which was brought on by issuing 220 million mandatory sukuk shares to new investors. These have been converted into 200 million shares. Much of the new funds will go increase and and upgrade the fleet of petrochemical tankers and raising the company’s ‘ability to own and manage these types of vessels’. “Initiatives were adopted during the past period to improve the company’s situation and address all outstanding financial matters,” the CEO added. It meant taking necessary measures to improve the vessels’ performance’ and focus on diversification of sources of income, The other priority - reduce the cost of debt. During 2023, gross revenues from operation had dropped 23 per cent to Dh106 million. But this was mainly due to ‘necessary’ repairs and dry docking of vessels. Other revenue and income increased by 64 per cent to Dh33 million as a result of resource management and restructuring. The shipping and logistics sector makes up around 12 per cent of the UAE GDP. “Our projections indicate that this sector will remain stable, if not experience growth,” said the CEO. “Of course, there may be other factors such as geopolitical factors or other circumstances that affect the economy in general, which may also impact the market and prices. “However, Gulf Navigation currently enjoys a solid foundation thanks to the increasing demand for petrochemical carriers in general and rising charter rates.”. “We succeeded in the implementation of the capital increase process and transforming the company from loss-making to profit within 3 years” said Ahmed Kilani, CEO. This in turn led to ‘completing the capital restructuring process and attracting new investors that have injected the necessary funds the company needs to expand and increase its maritime fleet’. The Gulf Navigation’s current capital is around Dh838 million, which was brought on by issuing 220 million mandatory sukuk shares to new investors. These have been converted into 200 million shares. Much of the new funds will go increase and and upgrade the fleet of petrochemical tankers and raising the company’s ‘ability to own and manage these types of vessels’. “Initiatives were adopted during the past period to improve the company’s situation and address all outstanding financial matters,” the CEO added. It meant taking necessary measures to improve the vessels’ performance’ and focus on diversification of sources of income, The other priority - reduce the cost of debt. During 2023, gross revenues from operation had dropped 23 per cent to Dh106 million. But this was mainly due to ‘necessary’ repairs and dry docking of vessels. Other revenue and income increased by 64 per cent to Dh33 million as a result of resource management and restructuring. The shipping and logistics sector makes up around 12 per cent of the UAE GDP. “Our projections indicate that this sector will remain stable, if not experience growth,” said the CEO. “Of course, there may be other factors such as geopolitical factors or other circumstances that affect the economy in general, which may also impact the market and prices. “However, Gulf Navigation currently enjoys a solid foundation thanks to the increasing demand for petrochemical carriers in general and rising charter rates.”.The Gulf Navigation’s current capital is around Dh838 million, which was brought on by issuing 220 million mandatory sukuk shares to new investors. These have been converted into 200 million shares. Much of the new funds will go increase and and upgrade the fleet of petrochemical tankers and raising the company’s ‘ability to own and manage these types of vessels’. “Initiatives were adopted during the past period to improve the company’s situation and address all outstanding financial matters,” the CEO added. It meant taking necessary measures to improve the vessels’ performance’ and focus on diversification of sources of income, The other priority - reduce the cost of debt. During 2023, gross revenues from operation had dropped 23 per cent to Dh106 million. But this was mainly due to ‘necessary’ repairs and dry docking of vessels. Other revenue and income increased by 64 per cent to Dh33 million as a result of resource management and restructuring. The shipping and logistics sector makes up around 12 per cent of the UAE GDP. “Our projections indicate that this sector will remain stable, if not experience growth,” said the CEO. “Of course, there may be other factors such as geopolitical factors or other circumstances that affect the economy in general, which may also impact the market and prices. “However, Gulf Navigation currently enjoys a solid foundation thanks to the increasing demand for petrochemical carriers in general and rising charter rates.”.Much of the new funds will go increase and and upgrade the fleet of petrochemical tankers and raising the company’s ‘ability to own and manage these types of vessels’. “Initiatives were adopted during the past period to improve the company’s situation and address all outstanding financial matters,” the CEO added. It meant taking necessary measures to improve the vessels’ performance’ and focus on diversification of sources of income, The other priority - reduce the cost of debt. During 2023, gross revenues from operation had dropped 23 per cent to Dh106 million. But this was mainly due to ‘necessary’ repairs and dry docking of vessels. Other revenue and income increased by 64 per cent to Dh33 million as a result of resource management and restructuring. The shipping and logistics sector makes up around 12 per cent of the UAE GDP. “Our projections indicate that this sector will remain stable, if not experience growth,” said the CEO. “Of course, there may be other factors such as geopolitical factors or other circumstances that affect the economy in general, which may also impact the market and prices. “However, Gulf Navigation currently enjoys a solid foundation thanks to the increasing demand for petrochemical carriers in general and rising charter rates.”.“Initiatives were adopted during the past period to improve the company’s situation and address all outstanding financial matters,” the CEO added. It meant taking necessary measures to improve the vessels’ performance’ and focus on diversification of sources of income. The other priority - reduce the cost of debt. During 2023, gross revenues from operation had dropped 23 per cent to Dh106 million. But this was mainly due to ‘necessary’ repairs and dry docking of vessels. Other revenue and income increased by 64 per cent to Dh33 million as a result of resource management and restructuring. The shipping and logistics sector makes up around 12 per cent of the UAE GDP. “Our projections indicate that this sector will remain stable, if not experience growth,” said the CEO. “Of course, there may be other factors such as geopolitical factors or other circumstances that affect the economy in general, which may also impact the market and prices. “However, Gulf Navigation currently enjoys a solid foundation thanks to the increasing demand for petrochemical carriers in general and rising charter rates.”.The other priority - reduce the cost of debt.During 2023, gross revenues from operation had dropped 23 per cent to Dh106 million. But this was mainly due to ‘necessary’ repairs and dry docking of vessels. Other revenue and income increased by 64 per cent to Dh33 million as a result of resource management and restructuring. The shipping and logistics sector makes up around 12 per cent of the UAE GDP. “Our projections indicate that this sector will remain stable, if not experience growth,” said the CEO. “Of course, there may be other factors such as geopolitical factors or other circumstances that affect the economy in general, which may also impact the market and prices. “However, Gulf Navigation currently enjoys a solid foundation thanks to the increasing demand for petrochemical carriers in general and rising charter rates.”.The shipping and logistics sector makes up around 12 per cent of the UAE GDP. “Our projections indicate that this sector will remain stable, if not experience growth,” said the CEO. “Of course, there may be other factors such as geopolitical factors or other circumstances that affect the economy in general, which may also impact the market and prices. “However, Gulf Navigation currently enjoys a solid foundation thanks to the increasing demand for petrochemical carriers in general and rising charter rates.”. “Our projections indicate that this sector will remain stable, if not experience growth,” said the CEO. “Of course, there may be other factors such as geopolitical factors or other circumstances that affect the economy in general, which may also impact the market and prices. “However, Gulf Navigation currently enjoys a solid foundation thanks to the increasing demand for petrochemical carriers in general and rising charter rates.”