Gulf Navigation : Integrated Report 2022

INTEGRATED REPORT 2022

CHAIRMAN'S

MESSAGE

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.

INTEGRATED REPORT 2022

ABOUT GULFNAV

GOING FURTHER FOR YOU MEANS

THE WORLD TO US

A REPUTATION

FOR EXCELLENCE

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.

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

UNLOCKING VALUE THROUGH PARTNERSHIPS.

Harnessing strategic relationships with like-minded, ethical partners to drive innovation, sustainability, safety and revenue.

INTEGRATED REPORT 2022

MANAGING DIRECTOR'S

MESSAGE

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