Dubai-Mubasher: Gulf Navigation Holding will allocate AED 165 million ($45 million) for its marine operations in Khor Fakkan and Fujairah, according to the company’s CEO and managing director Khamis Juma Buamim.
Insurance premiums for Gulf Navigation’s 14 ships reached AED 6 million ($1.6 million), while the company’s assets of ships are valued at more than AED 1 billion ($300 million).
The company inked long-term agreements to lease specialised vessels between Yanbu and Al Jubail, in addition to another four lease agreements signed with Norway’s Stolt-Nielsen.
The Dubai-listed firm managed to pay more than $14 million worth of debts owed to Nordic American Tankers (NAT), Buamim noted.
Gulf Navigation managed to cut its debt from $36 million to $21 million, Buamim said, adding that the company will try to clear all financial liabilities before the end of 2016.
The company’s stock fell 0.85% to AED 1.17 by 12:10pm UAE time, with a turnover of AED 1.79 million generated from the exchange of 1.516 million shares.
