Middle East

Gulf Navigation share price jumps despite spiralling losses

Dubai: The share price of embattled Gulf Navigation leapt yesterday on the back of its release of its annual results. The Dubai tanker owner reported a loss of Dh698m for 2013, a significantly worse performance than 2012’s Dh148m.

However, the company stressed that about 89% of the loss for 2013 was down to non-recurring items, including a write-off of goodwill, and provisions related to its exit of the oil tanker segment and claims against it.

The company’s total assets fell by 30% to Dh1.53bn, while total operating income for the year fell 32% to Dh136.7m.

Gulf Navigation also announced that its board has approved taking legal procedures to appeal a recent London arbitration decision, which ruled that the company was liable to pay $10.2m to Nordic American Tankers.  [11/02/14]


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