Dubai-based shipowner Gulf Navigation has announced a 7 per cent increase in gross profits for 2017 compared with the previous year. The AED 49 million (US$ 13.34 million) positive result is said to be the result of the company’s change in direction, including a strategic shift towards becoming an integrated marine services provider, rather than simply a vessel operator.
Over the past year the company has also managed to pay back, or reschedule, all debts and resolve various legal issues that were outstanding. Gulf Navigation has furthermore added two new petrochemical carriers to its fleet, boosting revenues from this sector, while operating expenses have been reduced as a result of an internal restructuring process.
The company has also benefitted from a number of strategic partnerships that have been established to broaden its service offering. Deals have been struck with Polimar Turkish Holding and Ali & Sons Marine Engineering, for example, while Gulf Navigation is in the finals stages of negotiating the acquisition of a majority stake in Atlantic Navigation of Singapore. This deal, once concluded, will add significantly to its capabilities in the field of tugs, offshore supply and crew transportation, enhancing Gulf Navigation’s opposition as a ‘one stop shop’ for the marine services sector.