DUBAI: Gulf Navigation Holding (GulfNav) has announced that it has reached a full and final settlement with DVB Bank SE, BNP Paribas, and DNB Bank ASA (collectively, VLCC syndicates). The settlement relates to VLCCs sold in 2014 financed by the VLCC syndicates.
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. Ending the dispute with the lenders also marks another milestone in restoring the company’s reputation as a credible, reliable and responsible player in the shipping industry.
It is expected that this news will improve further investor confidence and widen market interest for the Company. GulfNav is also in negotiations with remaining counter-parties and hopeful of reaching fair settlements soon.
Khamis Juma Buamim, Board Member, Managing Director and Group CEO, said, “We are happy to have reached this important settlement with DVB Bank SE, BNP Paribas, and DNB Bank ASA. I thank our strategic shareholders and the banks representatives for their positive commitment during the negotiations.
Buamim added, “Our primary objective to seek fair and amicable settlements in respect of legacy disputes shall continue until all issues are fully resolved.”