Natalina-7

Gulf Navigation has struck an agreement to sell its two oil tankers for $98 million (Dh360m), providing some relief to the beleaguered company. The Dubai-based shipping company announced today that it had signed a memorandum of understanding with DHT Holdings of Bermuda for the sale of its Gulf Sheba and Gulf Eyadah tankers. The agreed price comes in higher than the Dh312.4m that Gulf Navigation had estimated that it could recover for the vessels in its third-quarter results published in November. DHT expects to take delivery of the vessels next month, according to a statement on its website. The sale announcement comes after Gulf Navigation won approval for the sale at an extraordinary general meeting of shareholders on January 5

Sold en block with Gulf Sheba to Norwegian buyers for $90 mill

Troubled Dubai-based Gulf Navigation announced on Oct 5 13 that its second VLCC, the Gulf Eyadah, was arrested in the Bahamas, under orders from DNB and DVB, the two lenders to the ship’s owner, reported The National. Vessel was arrested on Oct 4, less than four weeks after the arrest of the company’s other oil tanker, the Gulf Sheba. Gulf Navigation is in discussions with more than one potential buyer from outside the GCC region for the sale of the two vessels. In the UAE, company needs to get approval from SCA to hold an EGM to approve any sale of assets. The company hopes to get the approval within the next few days. But the arrest of the second vessel indicates that Gulf Navigation’s creditors have lost patience with the company’s attempts to negotiate a sale of the two tankers, prompting them to attempt to seize the vessels and force a sale via the courts. Gulf Navigation said last month that it was looking to temporarily exit the oil tanker business in the face of tumbling earnings in the global VLCC market, to focus on its chemical transport business.