The Guyana National Shipping Corporation Limited (GNSCL) was able to realize a three percent growth rate at the end of 2018 thanks to increasing activities in the oil sector. According to its latest annual report that was tabled this year, revenue for 2018 totalled $664.4M, a three percent increase over the previous year. Profit before taxation stood at $85.737M which surpassed the previous year by 84 percent. Against the backdrop of a steadily growing economy, GNSCL noted that the shipping sector showed encouraging growth of 12.75 percent over the previous year.
Guyana Standard understands that the board is optimistic that the company would realize positive business benefits for years to come from the rapidly emerging opportunities created by the new oil and gas sector.
GNSCL has been in existence for over 42 years and it is the only state-owned company in the shipping industry. It renders support to all sectors of the economy and its major role in the industry is the provision of related quality services to ship owners, operators, and other customers both locally and abroad.