Dubai-based Gulf Navigation Holding (Gulfnav), a leading maritime and shipping company, has reported a substantial 123 per cent profit growth at the end of the third quarter of 2015 compared to the same period the previous year.
Integrated Capital, the capital markets arm of Abu Dhabi Financial Group (ADFG), has acquired more than 28.61 million shares in Gulf Navigation Holding, bringing its shareholdings in the Dubai-based shipping company to 5.19 per cent.
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