Gulf Navigation has boosted its profit by 49% in the third quarter on its way to recovery.
The Dubai-listed owner reported net earnings of AED 131.2m ($35.7m), compared to AED 15.7m a year earlier.
Its improved financial result comes at a time when the company is witnessing “a significant turnaround in the performance and the stage of building a variety of global partnerships,” Gulf Nav said.
Khamis Juma Buamim, chief executive of Gulf Navigation, added: “We are striving to move forward to implement our strategic plans which will enhance our global business reputation, capabilities, operational efficiency and the ability to reach our targeted achievements.
“We are aiming and planning to achieve better results in the coming period which will change our business roadmap and will contribute in the diversity of our business.”
In late October Gulf Navigation braced investors for its return to the newbuilding arena, with a deal for four 50,000-dwt product tankers, including options for a further two.
China Shipbuilding & Offshore International and Wuchang Shipbuilding Industry have been selected to build the tankers.
The tanker owner has also cleared its debt to Nordic American Tankers (NAT) as part of its efforts to regain investors’ confidence.
Buamim added: “The financial results of the third quarter of 2016 have proved the success of our thoughtful changing and revamping as a real factor for the successful.”
