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.