Dubai - Mubasher: Gulf Navigation Holding, the only maritime and shipping company listed on the Dubai Financial Market (DFM), announced it has incurred a net loss of AED 18 million during the third quarter of 2019.

The company’s operating revenue increased by 19% year-on-year at the end of the first nine months of 2019, recording AED 130 million, compared to AED 109 million, according to a press release.

During the nine-month period ended September 2019, Gulf Navigation’s total losses reached AED 46 million.

The company’s weak financial performance came as a result of high operating costs of vessels coupled with lower asset utilisation in the quarter.

Saeed Mubarak Al Hajeri, chairman of Gulf Navigation Board, said: “Today, we continue to work on opportunities to drive positive changes through operational and administrative reorganization. Gulf Navigation is now a more nimble and dynamic company than ever before.”

“We continue to resolve legacy issues and I am confident of achieving operational and financial excellence in the near future. We look forward to wrapping up a challenging year on a positive note and prepare ourselves for a positive 2020,” Al Hajeri added.

Moreover, the company highlighted the successful completion of the 10-year special survey and ballast water treatment installation programme on its four vessels that are chartered to the Saudi Petrochemical manufacturing company SABIC.

Gulf Navigation said it has managed to secure spot and long-term charters for all nine vessels following a period of underutilisation.

The company further noted that it has restructured its operations and reorganised its subsidiaries based on cost structure front in order to carry on its operations and boost its productivity at the lowest possible costs for the near future.

The DFM-listed firm also indicated that it seeks to outsource its ship management function to enhance its cost structure and develop governance.