Gulf Navigation Profit Doubles, But Future Unclear
Dubai-headquartered tanker owner Gulf Navigation's (GulfNav) annual profit doubled in 2015, thanks to improving tanker rates and rising revenues from its shipping services unit, even as concerns remain over its liabilities and debt obligations. GulfNav reported a net profit of AED20.17m ($5.51m) in 2015 up 101% from AED10.03m it made in 2014. Revenues were up 12% year-on-year at AED143.18m. Still, the future of Dubai-based shipping company is unclear despite it posting a 101 per cent rise in full-year profit. GulfNav, which suffered financial difficulties prior to the rebound in tanker markets, is still seeking to resolve some disputes.
Sheikh Ahmed receives “Maritime Visionary Award”
HH Sheikh Ahmad bin Saeed Al Maktoum received The Maritime Standard Special “Maritime Visionary Award” in recognition of his exceptional foresight in supporting and revitalizing the UAE’s maritime sector in his role as Chairman of Dubai World. The award was presented on November 6th 2014 at the Atlantis, The Palm Jumeirah, at a glittering ceremony where leaders representing all facets of the industry from the Middle East & Indian subcontinent were present to honour HH & recognize his exception contribution. Over 600 guests joined the function to honour HH Sheikh Ahmed bin Saeed at The Maritime Standards Award where PR guru, journalist and writer Alistair Campbell was Master of Ceremonies & led the accolades accorded to HH.
