Second Gulf Navigation VLCC seized

Dubai: Financially embattled Gulf Navigation from Dubai has had a second  VLCC seized by creditors in under a month. The 300,000 dwt Gulf Eyadah tanker was arrested in Freeport in the Bahamas. Creditors DNB and BNP Paribas cited a loan default as the reason for the arrest of the 2006-built ship. Under a month ago, DNB was behind the arrest of another Gulf Navigation tanker in Rotterdam. Gulf Navigation has since announced its intentions to quit the VLCC trades and focus on product tankers.  [07/10/13]

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