UAE shipper Gulf Navigation said on Wednesday it had cut its capital by two-thirds and written off accumulated losses worth 1.1 billion dirhams ($300 million), key parts of a turnaround plan designed to solve its debt problems.
Dubai's Gulf Navigation received shareholder backing to continue operating as well as approval for measures aimed at fixing its long-standing debt problems, including a write-off of accumulated losses and a convertible bond issue.
Gulf Navigation Holding, a leading maritime services company, has posted a net profit of Dh10.18 million ($2.77 million) for the first half of 2009, a drop of 89 per cent compared to Dh92.96 million during the same period of 2008.
Gulf Navigation Holding said it has taken delivery of the Gulf Jalmuda a newly-built tanker constructed at the Hyundai Mipo Dockyard in Ulsan, South Korea.
The Gulf Jalmuda was officially inaugurated at a ceremony held at jebel Ali Port in
Gulf Navigation Holding has entered into two 50/50 joint ventures with Stolt-Nielsen Indian Ocean Middle East Service Limited, a wholly-owned subsidiary of Stolt-Nielsen SA (SNSA).
The first joint venture, Gulf Stolt Tankers, will own thr
Gulf Navigation Holding (Gulfnav) has purchased Gulf Sheba, a 300,000 deadweight tonnes very large crude carrier (VLCC).
This addition to its fleet confirms the company as a regional leader in shipping and marine services with global oper