Dubai: A Dutch court has rejected a creditor bank’s request to sell the tanker Gulf Sheba owned by Gulf Navigation. The court has asked the bank, DNB, to negotiate with struggling Gulf Navigation instead over the coming month.
The court acknowledged that Gulf Navigation was trying to sell the tanker and was trying to negotiate with the bank. The VLCC was arrested last month in Rootterdam. Gulf Navigation has since said it is keen to exit the VLCC trades completely. [03/10/2013]