Gulf Navigation Q3 net doubles

Dubai, October 30, 2008

Gulf Navigation Holding's third-quarter income more than doubled to Dh43.9 million ($12 million), compared to Dh20.5 million ($5.6 million) for the same period last year, a report said.

Net income for the first nine months of the year went up 100 per cent to Dh136.9 million against last year, according to the Gulf News report.

And nine month revenues rose 77 per cent to Dh306.4 million.

'Despite the global economic slowdown that is being felt in all sectors of the market especially in the shipping industry, we have posted impressive earnings and profitability,' Gulf Navigation chairman Abdullah Al Shuraim said in a statement to the Dubai Financial Market.

Gulf Navigation owns 14 operating vessels and has ordered five new tankers. It said it had bucked the slowdown trend due to the term contracts it has already signed for its carriers.

The company received chemical carriers Gulf Fanatir and Gulf Huwaylat vessels this summer and has chartered them to Sabic for 15 years. It will deliver two more tankers to Sabic by 2009-end.

Tags: Gulf Navigation Holding | shipping | carriers | tankers |