Gulf Navigation Holding, the Dubai Financial Market listed maritime and shipping company, has recorded an operating revenue of Dh130 million ($35.39 million) by the end of Q3 of 2019, an increase of 19 per cent, compared to Dh109 million ($29.68 million) in the same period of 2018.

The company reported a net loss of Dh18 million ($4.90 million) in Q3 of 2019, bringing total losses in the first nine months of 2019 to Dh46 million ($12.52 million).

The decline in the company’s financial performance is due to the high operating costs of vessels coupled with lower asset utilisation in the quarter.

Gulf Navigation has adapted well to the economic challenges in the first nine months of 2019. The company has successfully completed the 10-year special survey and ballast water treatment installation program on its four vessels that are chartered to Saudi Basic Industries Corporation (Sabic).

After a period of underutilisation, the company has now managed to secure spot and long-term charters for all nine vessels.

On cost structure front, the company has restructured its operations and reorganised its subsidiaries to ensure continuity of its operations and enhanced its productivity at the lowest possible costs for the near future.

The company is also looking to outsource its ship management function to optimise its cost structure and enhance governance.

Saeed Mubarak Al Hajeri, chairman of Gulf Navigation Board, said: “Today, we continue to work on opportunities to drive positive changes through operational and administrative reorganisation.”

“We are now a more nimble and dynamic company than ever before. We continue to resolve legacy issues and I am confident of achieving operational and financial excellence in the near future. We look forward to wrap up a challenging year on a positive note and prepare ourselves for a positive 2020,” Al Hajeri added. – TradeArabia News Service