The search continued on Sunday for survivors from the Gulf Navigation Holding PJSC (GNH) ship, Gulf Livestock 1, which lodged a distress call while en-route to China from New Zealand in the early hours of Wednesday (September 2).

In a statement to Dubai Financial Market (DFM), the company said the ship’s chief officer had been rescued following a distress call to the Japanese Coast Guard, and that the search was ongoing for more survivors.

A company spokesman confirmed to Zawya that the ship had got into difficulties during Typhoon Maysak, and that a second crew member, an AB (able seaman) had later been found alive, but further rescue efforts had been hampered by a second typhoon. 

The company statement said: “Our hearts go out to those onboard and their families at this time. We also express deep regret for the sad loss of the livestock on board. We are monitoring the situation closely and working closely with those involved in rescue efforts. We pray that there are other survivors.” 

New board appointed

The company today (Sunday) also announced the appointment of a new board of directors, saying it was entering a ‘distinctive phase’.

This followed H1 2020 financial reports, issued last month, in which it posted accumulated losses of AED 496,334,000 ($135,149,000 US), 48.7 percent of its capital ratio.

The new Board of Directors is chaired by Sheikh Theyab bin Tahnoon bin Mohammad Al Nahyan. The company’s General Assembly also appointed Eng Abdulla Atatreh as Vice Chairman.

Mohamed Alhammadi, Dr Abdulaziz Alongary, and Waleed Mohammad have been approved as new members of the board in addition to current members - Abdul Rahman Mahmoud Al Afifi and Ahmad Kilani. 

At its meeting on Wednesday, the new board appointed Rudrik Flikweert as the Group's Chief Financial Officer (CFO), the company said in statements to DFM. 

GNH The company has attributed its H1 financial losses to the decrease in revenue of all vessels, with some off hire in both Q1 and Q2, as well as low charter hire of one chemical tanker due to spot volatility, the loss on disposal of the vessel Gulf Mirdif, the additional impairment of chemical tankers and the increase in net finance cost.

Measures taken to address the losses include a AED 125 million ($34 million) non-convertible sukuk issuance to  settle overdue liabilities, repayment of overdue debt and meet working capital requirements.

(Writing by Imogen Lillywhite; editing by Seban Scaria)

imogen.lillywhite@refinitiv.com

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