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Gulf Nav sees seven-fold profit jump in first nine months

Gulf Nav sees seven-fold profit jump in first nine months
Gulf Navigation’s revival continues to gather momentum with the Dubai-based chemical carrier unveiling a $35.84m net profit for the nine months to 30 September.

Net profit reached AED 131.2m ($35.84m), up more than seven-fold compared to AED 15.7m ($4.28m) for the corresponding period in 2015.

Seatrade Maritime News reported late last month that Gulf Nav, which has skirted with bankruptcy for the past 18 months, had placed an order for six new chemical carriers with Chinese heavy industry giant Wuchang Group.

Gulf Nav reported it had reduced its debt from $36m to $21m in the same statement as the Wuchang deal and also outlined plans to expand its operation to neighbouring UAE emirates Abu Dhabi, Khorfakkan and Fujairah, although no concrete plans were given.

Seatrade Maritime News revealed in August that GulfNav was considering the issuance of mandatory convertible bonds as it continued to pay down its debts. The group’s net liabilities stood at AED587.9m ($160m) as of 30 June – down from AED 707m in June 2015 - while its accumulated losses were AED227.9m.

No update has been given although Khamis Juma Buamim, group ceo, md and board member, said the latest financial statements proved a “significant turnaround in the performance [of Gulf Nav] and the stage of building a variety of global partnerships to strengthen its competitive position”.

Buamim said Gulf Nav “intensifies efforts on the aspect of settlement the outstanding issues with the creditors.”

“We are striving to move forward to implement our strategic plans which will enhance our global business reputation, capabilities, operational efficiency and the ability to reach our targeted achievements,” he said. 

“We are aiming and planning to achieve better results in the coming period which will change our business roadmap and will contribute in the diversity of the business.  The financial results of the third quarter (January – September) of 2016 has proved the success of our thoughtful changing and revamping as a real factor for the successful”.

Gulf Navigation Holding PJSC, the only maritime and shipping company listed on the Dubai Financial Market, operates a fleet of eight chemical tankers as well as four crew boats which are used in its Shipping Services business. It also provides technical services, shipping services, ship management and marine products.