INTEGRATED REPORT
2022
- NEW JOURNEY
INTEGRATED REPORT 2022
CONTENTS
2022 Performance Snapshot | 8 |
Our Business Units | 9 |
Our Fleet | 12 |
Our Presence | 14 |
Sustainability report | 16 |
Our Sustainability Pledge | 17 |
United Nations Sustainable Development Goals (SDG) | 18 |
Our Sustainability Strategy | 19 |
Stakeholders | 20 |
International Convention for the Prevention of Pollution from Ships (MARPOL) | 21 |
Environment - Our Strategy for Climate Change & Environmental Sustainability | 23 |
Continuous improvement of our environmental performance | 25 |
Social - Safeguarding our People | 26 |
Diversity & Inclusion | 29 |
Governance | 31 |
GHN - Corporate Governance Structure | 32 |
Sustainability report 2022 | Corporate Governance Report 2022 | Financial statements |
Corporate governance report | 34 |
Corporate Governance Practices During 2022 | 35 |
Board Members' Shares Transactions/Dealings During 2022 | |
(including first degree relation) | 37 |
Formation of Board of Directors | 39 |
External Auditors | 47 |
Audit Committee | 48 |
Nomination and Remuneration (N&R) Committee | 50 |
Insiders' Trading, Follow-Up and Supervision Committee | 52 |
Internal controls systems | 53 |
Violations committed during the financial year 2022 | 54 |
Company's cash and/or in-kind contribution to the local community | |
development and environmental conservation during the year 2022 | 55 |
General information | 56 |
INTEGRATED REPORT 2022
CHAIRMAN'S
MESSAGE
Sustainability report 2022 | Corporate Governance Report 2022 | Financial statements |
We Go Further
GULFNAV has a strong track record of safely and efficiently transporting petrochemical products to our customers around the world. Throughout 2022, we continued to invest in our fleet and our people, ensuring that we remain at the forefront of the industry. We have also implemented strict measures to ensure the health and safety of our crew and shore-based staff during the pandemic.
In terms of financial performance, GULFNAV has once again delivered solid results. We have maintained a strong balance sheet and continued to generate healthy cash flows. Our revenue has remained stable, and we have managed to control costs effectively.
2022 also marked the unveiling of our new Corporate Identity and logo, as we seek to enhance our brand equity and transform into one of the world's most trusted shipping and maritime companies, renowned for safety, integrity, reliability and sustainability.
Furthermore, to ensure that the next chapter of our journey is a success, we also made the decision to realign our business model so that we can stay agile and fit for the future. GULFNAV's world-class marine services are now delivered through three integrated units: Maritime Operations, Ship Management and Agency Services. These units aim to provide an agile, flexible and comprehensive approach that gives clients tangible value.
In conclusion, I would like to express my gratitude to our employees, customers, and shareholders for their continued support. We are confident that GULFNAV will continue to grow and prosper in the years ahead.
Sheikh Theyab Bin Tahnoon
Bin Mohammad Al Nahyan
Chairman
On behalf of the Board of Directors, I am honored
to present to you GULFNAV's 2022 integrated report and our Company's performance over the course
of the year. 2022 was the beginning of positive transformation for GULFNAV, which saw us put the challenges of previous years behind us as we embark on a new journey of value creation for our stakeholders.
As we reflect on our performance in 2022, I am proud of the extraordinary determination of every member
of GULFNAV team. Over the past twelve months, the Company successfully navigated global challenges and financial hurdles thanks in large part to our team's commitment to strategic and creative solutions.
Looking ahead, we remain cautiously optimistic about the future. While the global economy continues to face uncertainties, we believe that the petrochemical shipping industry will continue to play a vital role in the global supply chain. GULFNAV is well positioned to capitalize
on opportunities as they arise, and we will continue to focus on delivering safe, reliable, and cost-effective transportation solutions to our customers.
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INTEGRATED REPORT 2022
ABOUT GULFNAV
GOING FURTHER FOR YOU MEANS
THE WORLD TO US
Sustainability report 2022 | Corporate Governance Report 2022 | Financial statements |
A REPUTATION
FOR EXCELLENCE
GULFNAV works with some of the world's largest | By adopting progressive business practices and rigorously |
petrochemical companies and independent trading | training staff and crew, we operate in full compliance |
houses. It's a responsibility we take seriously. Putting | with IMO and flag-state rules, as well as holding |
quality and integrity at the heart of our operation, we're | ISO 9001:2015 certification for quality and safety |
committed to delivering best practice across our fleet, crews | management. |
and administration hubs. |
Established in 2003, Gulf Navigation Holding PJSC | the extra mile: To support our partners. To improve safety |
("GULFNAV") combines a proud heritage with a strong client | and sustainability. And to always do what's best for our |
base and exciting future vision. Reinvigorated by a new | employees, our investors and the planet. |
executive team, we're constantly looking for ways to go |
A MISSION
To be one of the world's most trusted shipping and maritime companies, renowned for safety, integrity, reliability
and sustainability.
A SUSTAINABLE, FORWARD-THINKINGVISION
GULFNAV cares deeply for the environments in which we operate - we understand that, to succeed tomorrow, we need to continually innovate and do what's right. So we're investing heavily in the latest energy-efficient technologies
and hold 14001:2015 certification for environmental management. With a modernized fleet and responsible, long-term outlook, we're navigating a more sustainable path to growth.
OUR VALUES
A GLOBAL OUTLOOK
Headquartered in Dubai, we have extensive facilities at the ports of Fujairah and Khorfakkan, along
with an overseas office in the Kingdom of Saudi Arabia. Longstanding international partnerships extend our reach
across the world. We're proud to be the only publicly-listed maritime company on the Dubai Financial Market with truly global services.
DOING WHAT'S RIGHT.
Setting ambitious standards for sustainability, workforce well-being, business ethics and transparency. Ensuring equal commitment to our people, the planet and financial performance.
ENSURING STABILITY AND PROGRESS.
Being a responsible partner by relentlessly driving improvement in quality, reliability and value. Providing an environment for employees where they feel safe, supported and encouraged to maximise their potential.
A COMPLETE MARITIME PARTNER
We specialise in the transportation of crude oil, chemical | welfare. Our world-class marine services are delivered |
products and freight - protecting our clients' reputations | by three integrated businesses, providing an agile, flexible |
with the highest standards of safety, sustainability and crew | approach that gives clients tangible value. |
UNLOCKING VALUE THROUGH PARTNERSHIPS.
Harnessing strategic relationships with like-minded, ethical partners to drive innovation, sustainability, safety and revenue.
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INTEGRATED REPORT 2022
MANAGING DIRECTOR'S
MESSAGE
Sustainability report 2022 | Corporate Governance Report 2022 | Financial statements |
long-term growth. These achievements included refinancing five petrochemical tankers under better rates and preferential terms for 5 years. We also reduced our financing costs
by converting more than 85 million dirhams of the Company's debts into shares, which led to improving debt conditions and reduced the total cost of borrowing. Thus, the Company is currently enjoying a stability phase supported by the cost control measures adopted by executive management
for the last couple of years.
Despite the challenges facing our Company
and the consequent volatile market conditions and supply chain disruptions, GULFNAV improved performance
and increased operating revenue by 13% reaching 137 million dirhams. This was achieved by optimum utilization of the fleet and improvement in agency services. By managing our expenses through carefully applied cost reductions
and synergies, whilst achieving efficiencies across our operations, GULFNAV remained profitable in 2022.
The credit for what the Company has achieved today is due to the directives of our wise leadership, and their constant and continuous support for our ambitious plans. The foundations laid in the last 2 years will help drive us forward and achieve sustainable long-term growth and further cement our position in the shipping sector, creating value
for our customers and shareholders alike.
Finally, in what has been a challenging year for our Company, and our industry as a whole, I wish to express my gratitude to our shareholders, Board of Directors, management,
and employees for their contribution to GULFNAV's success, and look forward to our new voyage ahead towards sustainable long-term prosperity.
Dear Shareholders and Stakeholders,
I am pleased to present the integrated report of our Company for the year 2022. This report represents our commitment to transparency, accountability, and sustainability, as we strive to deliver long-term value to all our stakeholders.
The year 2022 was a challenging one for our industry, as we faced unprecedented disruptions caused by the COVID- 19 pandemic, geopolitical tensions, and volatile market conditions. Despite these challenges, GULFNAV remained resilient and continued to operate safely and efficiently, while maintaining our focus on sustainability.
In this integrated report, you will find a comprehensive overview of our performance, including financial and non- financial information. We have adopted a holistic approach to reporting, which reflects our belief that sustainable development is not just about financial performance but also about social and environmental impact.
2022 was a turnaround year for GULFNAV; one that was filled with major achievements that were aimed towards reinforcing the foundation of the Company to improve its operational and financial performance and prepare it for sustainable
As a maritime shipping company, GULFNAV is strongly committed to supporting the efforts of the UAE and the global community to drive down emissions and eliminate resource waste through a variety of innovative approaches applied across our operations. I am proud to report that our Company has made significant progress towards our sustainability goals. We have reduced our carbon footprint and improved our safety performance. We have also strengthened our governance framework and enhanced our risk management practices. We are always committed to conducting our business in a responsible and sustainable manner, while delivering value to our shareholders.
Our goal for 2023 is to strengthen the Company's capital by entering into strategic partnerships that will provide GULFNAV with the opportunity to increase its assets, enter new markets and grow its customer base by modernizing the company's maritime fleet and in line with the Company's strategy to expand its business locally and in the GCC countries.
Ahmad Kilani
Board Member / Managing Director
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Gulf Navigation Holding PJSC published this content on 03 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 April 2023 13:07:13 UTC.