The Gulf Navigation Holding Group has achieved operational profits of AED 4.5 million compared to a total of AED 5.6 million last year.


According to the Gulf newspaper, operating revenues amounted to AED 146 million by the end of 2020 compared to AED 166 million during the same period from 2019. The total assets reached AED 862 million.


The company recorded profits from operating operations 4.5 million dirhams by the end of 2020 with the support of the fleeting of petrochemical vector. Net losses reached AED 279 million by the end of 2020 compared to a net loss of AED 327 million during the same period from 2019.

Plan 2021 to handle losses

> The company witnessed great challenges for the company, starting with the effect of Corona's pandemic on all sectors, and ended the unfortunate incident related to the ship Livestock 1 in September last year. The company has been keen to ensure that all operational processes are continuing and negotiating with all financiers for debt refinancing in order to support the performance of the financial and operational company. At the beginning of this year, the company reached a preliminary agreement with the majority of financiers on new and flexible conditions that allow the company to adapt to current market conditions and achieve more growth.

"Under the strategy of the company aimed at diversifying investments and promoting shareholders' equity, the Board of Directors has worked on several initiatives to improve capital status, which will promote equity for shareholders . As part of this strategy, the company signed a memorandum of understanding with Empire Navigation INC with a view to acquiring a range of petrochemical and dry molding carriers (DRY Bulk), which will contribute to diversifying the company's investments and enhancing its ability to enter new markets and expand its customer base. This Convention will support the development of the company's marine fleet and in line with the company's future strategy to expand its locally and in the GCC.

It is worth mentioning that Empire Navigation has a variety of 36 steamed, including 20 Petrochemical Materials and 16 Dry Bulk Materials (DRY Bulk). The company was established in 2009 in Athens, a competent company in the field of commercial and artistic management of vector oil and other oil and other vessels,