Gulf Navigation eyes smooth sailing in choppy era
Sheikh Theyab bin Tahnoon bin Mohammad Al Nahyan appointed chairman of revamped board
Dubai-listed maritime and shipping company Gulf Navigation Holding hopes to sail through tough times after it announced a new board of director chaired by Sheikh Theyab bin Tahnoon bin Mohammad Al Nahyan on Saturday, days after one its ship carrying livestock sank off Japan's coast.
The company's general assembly appointed Abdulla Atatreh as vice-chairman and Mohamed Alhammadi, Dr Abdulaziz Alongary and Waleed Mohammad as new members of the board in addition to current members Dr Abdul Rahman Mahmoud Al Afifi and Ahmad Kilani. Rudrik Flikweert has been named chief finance officer.
Gulf Navigation Holding's vessel MV Gulf Livestock 1 was enroute from New Zealand to China with livestock on board when it sank off Japan's coast. It had 43 people and almost 6,000 cows aboard when went missing during Typhoon Maysak.
"Our hearts go out to those onboard and their families at this time. We also express deep regret for the sad loss of the livestock on board. We are monitoring the situation closely and working closely with those involved in rescue efforts," the company's spokesperson said in a statement.
The company posted a loss of Dh324.9 million in 2019, up from Dh40 million in the previous year due to surge in operating costs and the carrying value of some vessels was also written down.
"The UAE will continue to support the maritime industry, inject more investments and build more capabilities to develop it further. That's why investing in the maritime sector is in fact reinforcing the future of the new generations in the UAE. We assume this responsibility at an exceptional time with totally different rules for doing business from what the world was used to before Covid-19. This is a major challenge, but what makes us optimistic is the strategic position of the maritime sector in this new order," said Sheikh Theyab.
He added that Gulf Navigation's diverse fleet of ships allows it to cater to different markets that do not necessarily depend on one sector such as oil or gas, which often witness fluctuations, affecting the shipping sector.
"With our robust relationships in the market, and by building strategic partnerships with key players in the market, we will work to secure long-term contracts that ensure greater stability in cash flow and allow for the organizational and financial restructuring of the company. This will achieve the best commercial results and returns for investors. We are confident that the company will regain its position and overcome all the effects of the pandemic."
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