Dubai’s Gulf Navigation’s loss falls to USD19.86m in 2011

01 Apr 2012

(MENAFN) Gulf Navigation Holding said that the company’s losses declined to USD19.86 million in 2011, from USD64.50 million in 2010, reported The National.

Dubai’s only publicly traded oil-tanker owner added that the decline occurred as expenses related to asset sales fell to USD6.80 million, compared with USD57.43 million.

On the other hand, the company said that it would remain focused on its main strategic targets; mainly the continued expansion of the VLCC fleet as part of a new Saudi VLCC firm, and re-alignment of the organization.

It is worth noting that drops in charter rates due to an oversupply of ships have reduced the value of vessel fleets, whereas financing is harder to obtain as capital pressures impel banks to withdraw from ship financing, according to Fitch Ratings.

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