The strong product tanker markets helped Gulf Navigation return to profit last year, newly released figures from the shipowner show.

The Dubai-listed company booked net income of AED 21m ($5.7m) for 2023 against a loss of AED 7.6m in the previous financial year.

This was despite gross revenues for the year decreasing by 23% to AED 106m due to necessary repairs and vessel dry-dockings.