Dubai-listed Gulf Navigation (Gulfnav) reported a profit of AED136m ($37.3m) in 2016, more than six times higher than the profit reported in 2015 of AED20m.

An improvement in chemical tanker spot rates, which boosted margins, and further rationalisation of their cost structure, which lowered finance and overhead costs, drove the company’s strong 2016 performance, Gulfnav group CEO Khamis Juma Buamim said in a statement.

Gulfnav is the only maritime and shipping company listed with the Dubai Financial Market. It also operates an office in Saudi Arabia.

The company’s capital share amounted to AED551.7m, or AED1 per share, as of 31 December 2016.

In November last year, the company appointed US-based Deloitte Consulting for an advisory contract on the acquisition of a huge maritime vessel.

The firm currently maintains eight chemical tankers as well as four crew boats which are used in its shipping services business.