Dubai-headquartered shipping company Gulf Navigation has reported a 5% increase in gross profits for the first quarter of 2018, rising to AED 10.15 million (US$ 2.78 million), compared with the same period in 2017, when profits were AED 9.6 million (US$ 2.6 million).
The company attributes the positive performance largely to the acquisition of two additional product tankers, Gulf Mishref and Gulf Mirdif, which helped boost gross revenues by around 28% in this period. The purchase of the two vessels has enhanced the company’s petrochemical transportation capabilities and is the first stage of a fleet expansion programme that aims to increase its fleet size to 20 by 2020.
The company points out that it has recently received confirmation that it meets the various requirements needed to make it compliant with the Islamic Sharia laws for the Dubai Financial market. In another important development Gulf Navigation has launched a new Young Arab Cadet Programme, which aims at training UAE and other Arab state nationals in the maritime sector. The company is working with the Jordan Academy for Maritime Studies to recruit and train captains and engineers for its ships.