Middle East

Gulf Navigation quits VLCC trades, sells tanker pair

Dubai: Financially struggling Gulf Navigation has confirmed it has sold two VLCCs. The Dubai owner sold the Gulf Sheba and Gulf Eyadah tankers to DHT Holdings for $98m. DHT will take delivery of the ships next month. 

The two vessels were arrested in September and October under the order of Gulf Navigation’s creditors, after the company defaulted on two of its term loans.

Gulf Navigation announced last September its intention to sell its pair of VLCCs, with the company saying the sector was unlikely “to turn around in the near term”.

Gulf Navigation’s massive restructuring continues as Dubai’s only tanker owner looks to avoid liquidation.  [30/01/14]

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