Shares in Gulf Navigation today rose to their highest level in more than three months despite a 372 per cent increase in annual losses.
Gulf Navigation’s shares rose as high as 51 fils in early trading, their highest level since October.
The Dubai-based shipping company reported an annual loss of Dh698 million for2013, compared with Dh148m for 2012.
The company said that about 89 per cent of the loss for 2013 was down to non-recurring items, including a write-off of goodwill, and provisions related to its exit of the oil tanker segment and claims against it.
The company’s total assets fell by 30 per cent to Dh1.53 billion, while total operating income for the year fell 32 per cent to Dh136.7m.
Gulf Navigation also announced that its board has approved taking legal procedures to appeal a recent London arbitration decision, which ruled that the company was liable to pay $10.2m to Bermuda’s Nordic American Tankers.
The company is expecting to finalise the sale of its two oil tankers, the Gulf Sheba and the Gulf Eyadah, to Bermuda’s DHT Holdings for $98m this week.
jeverington@thenational.ae