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Gulf Navigation on Tuesday revealed plans to increase its assets under management, service-based revenue and also adopt a turnaround strategy to boost profitability.
The shipping company also announced the appointment of Khamis Juma Buamim as the new board member, managing director and group chief executive officer by the board of directors during a news conference. The move forms part of the company's intensified strategy to become one of the main industry leaders in the regional maritime and shipping industries, according to its top officials.
The Dubai-based shipping company also said it's negotiating to settle $35 million debt with its creditors this year. Earlier this year, the company's board approved the first round of a $60 million mandatory convertible bond programme, which is expected to help ease pressure from its creditors.
"We are in the process of discussing this [settlement] with some of our stakeholders," Buamim told reporters at the news conference. "We believe this is something we have to clear very fast."
Buamim said the company has enough funds to help settle the debts and expand the company's services but he declined to disclose the size of the funds.
"We have enough [funds] to sustain the company, ensure that all legacy issues are sorted out and keep moving forward and do our business in a right manner," he explained.
Gulf Navigation expects to boost profitability through cost cuts and expansion of its services. Last February, the company announced a doubling of annual profits for 2015 to Dh20.1 million.
"We are doing a lot of cost analysation and cost reduction in certain areas. We will pump more money into profit-making parts of the company, create synergy and create value. On the technical services side, we are creating also new tonnage capability which will be added to our overall return," Buamim said.
Chairman Abdulla Saeed Abdulla Brook Al Hemeiri and Buamim, along with other high-level executives, were also present in the Press conference to explain the company's strategy to grow its fleet of product and chemical tankers and reinforce its shipping services business.
In addition to acquisition of new tonnage, the company will execute new projects and activities to contribute to turnover and profit growth over the next five years.
These projects include offshore support services, increasing shipping services and marine product sales and distribution through expansion of shipping services network within the Arabian Gulf and Gulf of Oman; engaging in trip time charters by working and trading vessels on spot hire; acquiring vessels on bare boat with purchase option; purchasing work boats for offshore projects; and building global network with business stakeholders and third-party owned vessel management under the Gulf Stolt Ship Management (GSSM) umbrella.
GulfNav has acquired 100 per cent stake of GSSM which was previously a 50/50 joint venture with Stolt Neilson to develop the in-house ship management arm and ensure that its assets are managed and maintained to the highest industry standards.
- abdulbasit@khaleejtimes.com
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