Dubai tanker owner Gulf Navigation has fallen to a loss as costs rose faster than revenue in the first quarter.
The company said the net deficit was AED 11m ($2.99m) to 31 March, compared to a profit of AED 4.9m in 2018.
Revenue increased to AED 45m from AED 37.6m, but operating expenses jumped to AED 41.8m against AED 27.5m.
In early December, UAE-based Goldilocks Investment Company acquired an 18.32% stake in Gulf Navigation, which owns six products tankers and two crew boats, with four more tankers on order.
