Sunday, Feb 19, 2017

Dubai: Gulf Navigation Holding said it has reached a full and final settlement relating to very large crude carriers (VLCCs) sold in 2014 financed by the VLCC syndicates, which included DVB Bank SE, BNP Paribas and DNB Bank.

The settlement is part of a continuing process undertaken by the new management of GulfNav to clear all historical liabilities to allow the company to refocus its energy into exploring new horizons for growth in the maritime and shipping business, the company said in a statement.

“Ending the dispute with the lenders also marks another milestone in restoring the company’s reputation as a credible, reliable and responsible player in the shipping industry. It is expected that this news will improve further investor confidence and widen market interest for the company,” Gulf Nav said in a statement to the bourse. It added that the company is also in negotiations with remaining counter-parties and hopeful of reaching fair settlements soon.

“Our primary objective to seek fair and amicable settlements in respect of legacy disputes shall continue until all issues are fully resolved. With this settlement, the transformation of the company has taken a new turn. 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,” stated Khamis Juma Bu Amim, Board Member, Managing Director and Group CEO.

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