Dubai – Mubasher: Gulf Navigation Holding reached final settlement with DVB Bank, BNP Paribas and DNB Bank, according to a bourse statement.
This action is part of a continuing process undertaken by Gulf Navigation’s management to clear all historical liabilities, thus allowing the company to refocus on new growth opportunities in the maritime and shipping business.
The settlement is related to very large crude carriers (VLCCs) sold in 2014 financed by the banks, which are known collectively as VLCC syndicates.
The Dubai-listed firm managed to cut its debts from $36 million to $21 million, the company’s managing director and CEO Khamis Juma Buamim told CNBC in September 2016.
