Dubai's Gulf Navigation in settlement over Gulf Sheba and Gulf Eyadah

20/02/2017 07:40 AST

Gulf Navigation has announced a settlement with a series of creditors over the ill-fated purchase of two oil tankers, with banks stepping in to seize the vessels when the company defaulted on payments.

The Dubai-based shipper said that it had reached a "full and final settlement" with DVB Bank, BNP Paribas and DNB Bank, giving no further details.

The two Very Large Crude Carriers (VLCCs) were seized on the order of the banks in late 2013 in Rotterdam and Bermuda after Gulf Navigation defaulted on loans used to purchase the vessels.

The two VLCCs - the Gulf Sheba and the Gulf Eyadah - were subsequently sold to DHT Holdings of Bermuda for US$98 million in September 2014, although Gulf Navigation remained in dispute with the banks over the loans.

"Our primary objective to seek fair and amicable settlements in respect of legacy disputes shall continue until all issues are fully resolved," said Gulf Navigation's group chief executive Khamis Juma Buamim.

"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 last week announced its best annual results for eight years thanks to an improvement in spot tanker rates and the reclassification of liabilities.

The company's shares, listed on the Dubai stock exchange, were unchanged at Dh1.60 apiece on Sunday. Their 52-week range is between Dh0.86 and Dh1.69.


The National

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