Marine And Shipping Services News

Dubai-based shipping company Gulf Navigation Holding  has reported a 39% growth in net profit at the end of the first quarter of 2017 compared to the same period in 2016. The result came at a stage while the company is witnessing a significant improvement in its performance, successful settlement of legal cases and entering into various global partnerships to strengthen its competitive position in the marine sector. According to GULFNAV’s financial report, its net profit reached AED 8.8 million (USD 2.4 million) in the first Quarter of 2017 representing an increase of 39% as compared to AED 6.3 million (USD1.7 million) of the same period last year.

Braemar Shipping Services plc has launched a new subsidiary called Braemar Marine, which will provide diverse marine surveying and adjusting services to the global maritime, transportation risk and insurance markets. Braemar Marine commenced operations on August 1st, 2009 from its headquarters in Atlanta, Ga., USA, and has established offices in Los Angeles, Houston, Miami, Seattle and London to enhance existing group marine surveying and adjusting capabilities in Latin America, Australasia and the Far Fast. The operation is led by John Tirel, Executive Vice President, with the assistance of Chris Lunda, Vice President of Global Development. Both John and Chris are based in Atlanta. John Cole is Director of the London office.

Commenting on the results and outlook, Sir Graham Hearne, Chairman, said: “Our strategy remains to position the Group as a leading player in a selective range of marine and shipping services. We believe this will provide the Group with resilience to weather adverse conditions and a platform from which we can take advantage of suitable opportunities. Alan Marsh, Chief Executive, said “Despite the market this is a set of record results for Braemar which gives us confidence that our expectations for the full year out-turn will be met.