Dubai’s Gulf Navigation has announced that it has reached a full and final settlement with three of its creditor banks, DVB Bank SE, BNP Paribas and DNB Bank ASA. The deal relates to VLCCs sold in 2014 and financed by the banks acting as a syndicate.
This settlement is part of a continuing process being undertaken by the new management of Gulf Navigation to clear all historical liabilities to allow the company to refocus on exploring new opportunities for growth in the maritime and shipping business. Gulf Navigation also states that ending the dispute with these lenders will help restore the company’s reputation as a credible, reliable and responsible player in the shipping industry.
Gulf Navigation is in negotiations to settle all remaining disputes, and says it is hopeful of reaching fair settlements soon. Khamis Juma Buamim, Managing Director and Group CEO, said: “Our primary objective is to seek fair and amicable settlements in respect of legacy disputes and we shall continue until all issues are fully resolved. With this settlement, the company is now starting a new chapter which will showcase a stronger and more competitive marine and shipping company with full commitment to its shareholders, the market and the industry at large.”
Gulf Navigation is the only publically listed maritime, offshore services and shipping company in the Dubai Financial Market and has been accredited ISO 9001:2008 by Bureau Veritas. Its subsidiaries own a fleet of chemical tankers and offshore support vessels and undertake ship and fleet management as well as shipping services.