Shipping company Gulf Navigation registered a loss of AED614.3m ($167.3m) in the third quarter of 2013, compared with AED16.3m during the same period last year.

The losses consist of impairments and take into account lower valuations of its vessels that are up for sale.

In recent months, Gulf Navigation announced it was looking to sell two very large crude carriers (VLCCs), which had been seized in international ports under the orders of the firm’s creditors. Following that, the company said it plans to change its focus to the chemical transport business instead.

Over the past year, the Dubai Financial Market-listed shipping firm has also gone through several management changes, as it struggled to cope with global challenges in the oil tankering business. This has caused Gulf Navigation to consistently post losses for the past three years.