Gulf Navigation has settled and cleared its longstanding debt with Nordic American Tankers (NAT), with whom it has signed a settlement agreement.
The Dubai-based chemical tanker operator said clearing its liability with NAT marks “a beginning of the end of the troubled past of the company”.
It said it is also in negotiations with other major creditors and is “hopeful” that fair settlements will be reached soon.
“This is a step and an important milestone on the commitment we have made earlier to seek fair and amicable settlements with all our legacy debtors. I once again would like to assure all concerned that past and legacy issues will be resolved and the company will be on a solid ground to navigate the future with full commitment to its shareholders, the market and the industry at large,” Khamis Juma Buamim, Gulf Navigation’s managing director group CEO.
Buamim added that the company now has “fully energized management”. The chairman of Gulf Navigation’s board and six of its members have resigned from their positions in January.
Buamim was appointed as managing director and CEO in April and vowed to grow the company’s chartered-in fleet of chemical and product tankers.
