Catalina-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 Eyadah to Norwegian buyers for $90 mill

The "Gulf SHeba" was arrested in Rotterdam on Sep 13 while unloading its crude cargo. The arrest notice was served by the Norwegian bank DNB, an agent of the lenders for Gulf Sheba Corporation, a Gulf Navigation subsidiary, for default in repayment of interest and principal towards the end of July. Gulf Navigation would hold a meeting of its board of directors on Sep 20 to review the situation and to call an extraordinary general meeting for necessary shareholder approvals, giving no further details. Read more: http://www.thenational.ae/business/industry-insights/shipping/gulf-navigation-off-course-after-oil-tanker-seized-in-rotterdam#ixzz2fEN8bIfu