Middle East

Gulf Navigation VLCC arrested in Rotterdam

Dubai: Financially struggling Gulf Navigation Holding saw one of its VLCCs stopped at Rotterdam port on Monday.

The 2007-built Gulf Sheba was offloading oil at the Dutch port "when DNB, the agent of the lenders for the Gulf Sheba Corporation, issued notice of arresting the vessel at Rotterdam," Gulf Navigation said in a statement to a stock exchange in Dubai.

The ship is now at anchorage and the shipowner is in discussions with the bank over its future.

"Lenders may insist on selling the vessel to repay their obligations, as per the notice of foreclosure of the loan issued by them," Gulf Navigation said, adding that it had been trying to sell the ship for the past couple of months and has received a bid for it recently.  [17/09/13]

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