GulfNav endures torrid first quarter

Shipping firm sees 85% profits drop amid tough conditions.
Eng Abdullah Al Shuraim, chairman of Gulf Navigation Holding.
Eng Abdullah Al Shuraim, chairman of Gulf Navigation Holding.


Shipping major Gulf Navigation has reported that the first quarter has brought an 85% drop in profits compared to the same period a year earlier, from US$12.2 million to $1.7 million.

Revenues were down from $25.8 million to $22.3 million in the same period. The results reflect extremely challenging conditions for all shippers due to the collapse in world trade, but GulfNav’s executives have indicated that they remain cautiously optimistic about the future.

The company has already received two vessels this year, which have been delivered to SABIC on 15-year charter. In addition, five of its ships are already chartered at respectable rates for the rest of the year and beyond.

“It is true that the current economic crisis is unprecedented in scope, but we believe that our great potentials we have had, the pool of talents, the efficient cost control, the solvent liquidity which excess $163 million, the long chartering contracts of more than 50% of our fleet and the strong brand will enable us to emerge strongly than before,” said Eng Abdullah Al Shuraim, Gulf Navigation Holding chairman.
“Challenging times provide opportunities for those who understand the market and are well positioned to act. Our driving force has always been and will remain our shareholders' interests,” Al Shuraim added.

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