Milaha profit up 14pc

QATAR Navigation (Milaha), the marine transportation and offshore support firm, has reported a net profit of QR950 million ($260.6 million) for 2013, as against QR835 million during 2012 – an increase of 14 per cent.

The Qatar Stock Exchange-listed company reported operating revenues of QR2.24 billion vs QR2.29 billion in 2012, a modest decrease of 2 per cent.

Emirates SkyCargo honoured

AT the Air Cargo World Awards held in Los Angeles, Emirates SkyCargo won the Diamond Award. It won in the category for carriers who move 800, 000 tonnes or more of cargo per annum.

The awards are based on Air Cargo World’s Air Cargo Excellence Survey.

The carrier was also named Cargo Airline of the Year 2014 at the Air Transport News Awards held in Istanbul, Turkey.

GMS debuts in London

ABU Dhabi-based Gulf Marine Services (GMS) made a muted stock market debut in London, as the oil service vessel operator struggled to spark investors’ interest following a glut of new share listings.

The company is the latest UAE firm to spurn local stock markets in favour of a prestigious London listing, following Dubai real estate developer Damac, and Abu Dhabi healthcare firms Al Noor Hospitals and NMC Healthcare .

But the eagerness of such companies for a London listing has not always been matched by enthusiasm from investors.

GMS said the listing will raise 66.9 million pounds ($110.5 million) for the company, which it plans to use to purchase another small vessel, repay shareholder loans and expand its business.

Dubai firm loses case

GULF Navigation, a Dubai-based shipping company, has lost an arbitration case in the UK, the media reported.

The company must pay a group of Chinese ship building companies the second part of a contract to build two VLCC-grade petroleum tankers, the London arbitrators decided, according to the reports.

The contract, dating back to 2011, involves Chinese ship building companies Zhoushan Jinhaiwan Shipbuilding, Grand China Logistics Holding and HNA Group.