Dubai: Dubai-based Gulf Navigation announced that it has lost an arbitration case on a shipbuilding dispute with Chinese companies.
The company said in a statement to Dubai Financial Market that the arbitrators in London, which considered the dispute between Gulf Navigation and Zhoushan Jinhaiwan Shipbuilding, Grand China Logistics Holding, and HNA Group, decided against the company and obliged it to pay the second part of the shipbuilding contract of $10.2m with interest. The contract dates back to 2011.
Gulf Navigation has right to appeal against the decision. It will take provision and announce it in the 2013 financial year results to be announced soon, the statement said. [19/03/14]