Gulf Navigation suffers Dh14.76m loss in first half

Dubai: Gulf Navigation Holding recorded losses of Dh14.76 million in first half compared to a profit of Dh19.03 million during the same period last year due to the final settlement of a legal dispute with a Chinese company.

Gulf Navigation settled the case by paying $8 million against the $19 million that was due.

The case dates back to 2014.

The company also entered two petrochemical tankers into the dry dock for the mandatory five-year maintenance.

This included major upgrades to the two carriers in order to enhance the company’s competitiveness in the global markets.