Dubai-based Gulf Navigation Holding (GNH) said it achieved an operating revenue of Dh45 million ($12.25 million) during the first quarter of 2019, a 19 per cent increase compared to Dh37.7 million ($10.26 million) during the same period of 2018.

The company reported net loss of Dh11 million ($2.99 million) in Q1 2019 compared to profits of Dh5 million ($1.36 million) during the same period last year, said a statement from Gulf Navigation Holding.

During the quarter, company’s petrochemical tanker Gulf Deffi entered the dry dock for the mandatory special survey work, resulting in 50 days of off-hire for this vessel during Q1.

GNH also incurred increased depreciation and finance costs on account of acquisition of livestock carriers in Q4 2018, which impacted the net profit.

Previous quarter profit also included the write-back of Dh8.7 million ($2.37 million) of liabilities, which positive impacted last year’s first quarter results.

Saeed Mubarak Al Hajeri, chairman of the board, said: “Our company’s board is reviewing all strategic growth options to return us to profitability.

“Our immediate focus is to complete the necessary vessel dry-docks and achieve debt refinancing to align our capital structure to its operations. We are thankful to all our key stakeholders for their continued support over the last quarter,” he said.

“We expect the product tanker charter market to become attractive ahead of the IMO 2020 implementation. We are repositioning our balance of spot and long term charter contracts to optimise the operating revenues,” he added. – TradeArabia News Service