UAE-based shipping firm Gulf Navigation (GulfNav) turned to a loss in 2024, with a net loss after tax at AED 20.1 mn, as the company focused on strategic investment decisions like fleet modernization and upgrades, according to its earnings release (pdf) and financials (pdf). The company's revenues fell 16% y-o-y to AED 88.7 mn.

Looking ahead, the company is expecting a recovery in the demand for petrochemical shipping services, with positive revenue expectations in 2025. Gulfnav is also set to acquire Brooge Energy’s assets for AED 3.3 bn, after its shareholders approved the transaction in March.

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