- As GulfNav Reports 1Q Profit Surge
The Danish Maritime Authority (DMA) revealed it has launched a pilot project to shed light on the long-term possibilities of digitizing the entire ship registration process.
As disclosed, the project has been created in order to promote digitalization in Denmark as shipowners are still required nowadays to fill in and handle documents manually.
”The Maritime Strategy Team has recommended full digitalisation of, inter alia, the register of shipping. By means of an entirely new technology such as blockchain, this pilot project may pave the way for a more open, secure and efficient registration of ships on the Danish registers. This is important in an industry with a distinct focus on keeping costs low and where trust in all the parties involved is a necessity,” Brian Mikkelsen, Denmark’s Minister for Industry, Business and Financial Affairs, commented.
“In order for us to retain our maritime position of strength, Blue Denmark must seize and develop the potentials of digitalisation. Therefore, we must be frontrunners when it comes to using new technological solutions,” Mikkelsen added.
Users will be involved in the pilot project aimed at clarifying “whether blockchain technology could support the DMA’s digitalisation efforts positively and help bring about an open, secure and more efficient approach to the date recorded in the registers of shipping.”
The new technology would mean that everyone who is part of the “chain” has a full overview of the processes at any time and nobody can amend or forge documents without others being made aware of it. Therefore, documents such as mortgage deeds can be handled in a safe manner, according to the DMA.
In the meantime, Dubai-based shipping company Gulf Navigation Holding PJSC (GulfNav) ended the first three months of 2017 with a 39 percent year-on-year (YOY) rise in its net income.
In 1Q 2017, the company’s profit increased to AED 8.8 million (USD 2.4 million) from AED 6.3 million (USD 1.7 million) posted in the same period a year earlier.
“The result came on a stage while the company is witnessing a significant improvement in its performance, successful settlement of legal cases and entering into various global partnerships to strengthen its competitive position in the marine sector,” GulfNav said.
The improvement came although GulfNav’s operating profit for the quarter decreased to AED 3.1 million from AED 5.1 million seen in 1Q 2016.
Additionally, operating revenue dropped to AED 29.4 million during the three-month period ended March 31, 2017, from AED 34.4 million recorded in the same period last year.
“We are moving with confidence towards achieving our strategic plans, enhancing our global business reputation, improving our capabilities and operational efficiency as well as our ability to be more competitive,” Khamis Juma Buamim, Managing Director and CEO of GulfNav, commented.
Earlier this year, the company reached a final settlement with three lenders including DVB Bank SE, BNP Paribas and DNB Bank ASA related to very large crude carriers (VLCCs) sold in 2014.
In April, GulfNav revealed plans to issue a senior and unsecured sukuk with a total value of up to USD 250 million by public offering, redeemable within five years at profit rate less than 10 percent.
World Maritime News