Gulf Navigation reduced its losses in the third quarter

Gulf Navigation reduced its losses in the third quarter by 40%, to reach 11 million dirhams.

According to Arabiyanet, the company attributed these results to a 30% decrease in operating costs, to 33 million dirhams.

and by the end of the third quarter, the value of the accumulated losses of the company reached 507 million dirhams, which represents 50% of its capital.

and the Gulf Navigation Company announced the loss of one of its vessels, GULF LIVESTOCK 1, early last September, on its way from New Zealand to China with livestock on board.

The Japanese Coast Guard had succeeded in rescuing one of the workers on the ship, which was carrying 43 sailors and about 6 thousand head of cattle.

On the other hand, the company stated that it had formed a new board of directors after the collective resignations made by members of the previous management.

and Sheikh Dhiab bin Tahnoun Al Nahyan was appointed Chairman of the Board of Directors of the company.

Abdullah Al-Atatreh was appointed as Vice-Chairman, in addition to three new members of the Board of Directors.