The Dubai-based tanker owner cut operating and financial expenses by 40% and 68% respectively to earn AED 539,000 ($146,744) in the three months to 31 March.
The profit reversed a AED 19.6m loss in the same period a year ago.
Gulf Nav made an operating profit of AED 4m compared to a loss of AED 3.86m in the first quarter of 2013.
Revenue fell by nearly a fifth to AED 30.86m from AED 38m following its exit from the VLCC segment.
The company confirmed it is appealing an arbitration decision that found in favour of a Chinese shipyard.
A London panel ruled against Gulf Nav last month in the case against Zhoushan Jinhaiwan Shipbuilding, Grand China Logistics Holding and HNA Group.
It was the second arbitration defeat suffered by Gulf Nav this year following a dispute with Nordic American Tankers over a suezmax charter.
