Arab navigation company gains $ 79 million profits

The United Arab navigation company has attained profits of $ 79 million by the end of September this year in comparison with the profits estimated at $ 40 million for the same period of 2003.

The executive and general director of the company, Abdullah Madi, expected in press statements issued on Sunday that the company will attain standard profits to exceed $ 100 million by the end of 2004. He explained that the company transported 818,000 containers in the first nine month of this year in comparisons of 700,000 containers for the same period of 2003.

He added it is logical that the company has pursued a developmental policy for the fleets volume for transporting containers in order to contain the increasing volume of trade to the Middle East region. He stressed that the company's board has embarked on an ambitious plan to build 8 ships of 6,000, 7,000 containers capacity to operate them in the world trade zones passing through the Middle East, noting that for achieving this point, the company has appointed a German company specialized in technical maters to help in studying and analyzing specifications.

He said that the company is currently operating 27 containers transport ships and several retail and bulk transport ships. He indicated that the company runs regular weekly services between the far east and the USA and cooperate with other operators.