Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Gulf Navigation announce $3.9m H1 profit, senior management shakeup

Gulf Navigation announce $3.9m H1 profit, senior management shakeup
Dubai-based chemical shipper Gulf Navigation Holding has announced a net profit of AED 14.36m ($3.9m) for the first half of 2016, a 43% period-on-period hike, and welcomed well-known Middle East maritime identity Omar Abu Omar to its senior executive team.  

Omar has hopped ship from UAE classification society Tasneef, where he served as coo, to take up the position of president – maritime and operations at Gulf Navigation.

He replaces ceo, Captain Parag Jain, who “ceased work with the company as of July 25”.

“We are grateful for the services he [Jain] rendered for the company during his tenure and wish him all at the best,” Gulf Navigation md and group ceo Khamis Juma Buamim said.

The appointment of Omar follows a July 24 media release entitled “Gulf Navigation Holding Amended its Organisational Chart”.

Buamim said the reorganisation followed an “extensive study by the company’s board of directors who felt that it is vital to amend the organisation chart to keep up with all aspects of the existing market trends and changes.

“The amendments aim at increasing the organisational and performance efficiency in the group, enhancing the productivity in addition the optimal utilisation of company’s human resources in the different grades and positions.”

Buamim welcomed Omar to Gulf Navigation, the only maritime and shipping company listed on the Dubai Financial Market (DFM), which operates a fleet of eight chemical tankers and four crew boats operated by its Shipping Services business.

“Omar brings with him a great wealth of experience in the maritime arena and we are confident that his experience and knowledge will assist with the progressive growth of the company,” Buamim said.

Gulf Navigation’s shares closed at $1.06 on the DFM today.