Finance and InsuranceMiddle EastTankers

Gulf Navigation ends NAT spat

Dubai’s Gulf Navigation Holding has signed a settlement agreement with one of its major creditors, Nordic American Tankers (NAT).

The settlement follows the Middle Eastern company’s recent report of a net profit growth of 172% to AED10.042m ($2.74m) in the first half of 2015 amidst what it described in a release as “intensive efforts to address creditor issues”.

Gulf Navigation, which has skirted with bankruptcy in recent years, will issue NAT with mandatory convertible bonds (MCBs) with a face value of AED37.34m as full and final settlement for claims made by NAT.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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