Gulf Navigation Holding has reached a full and final settlement with DVB Bank, BNP Paribas, and DNB Bank ASA regarding two VLCCs sold in 2014 financed by the banks.
The two VLCCs, Gulf Sheba and Gulf Eyadah, were seized in 2013 after GulfNav defaulted on loans used to acquire the vessels. The two vessels were subsequently sold to DHT Holdings for $98m in 2014, but still leaving GulfNav unable to repay its entire debt owed to the banks.
The company said the settlement is part of a continuing process undertaken by the new management of GulfNav to clear all historical liabilities to allow the company to refocus its energy into exploring new horizons for growth in the maritime and shipping business.
In September, GulfNav settled long standing debts with Nordic American Tankers. It is currently in negotiations with remaining debt counter-parties and will hopefully reach fair settlements soon.
“Our primary objective to seek fair and amicable settlements in respect of legacy disputes shall continue until all issues are fully resolved. With this settlement, the transformation of the company’ is taken a new turn. The company is now starting a new chapter which will showcase a stronger and more competitive marine and shipping company with full commitment to its shareholders, the market and the industry at large,” said Khamis Juma Buamim, managing director and group ceo of GulfNav.
Buamim was appointed as managing director and CEO in April 2016 and vowed to grow the company’s fleet of chemical and product tankers.