The financially-struggling Dubai-based shipowner said the Gulf Eyadah was arrested in Port Bahama by creditor banks DNB Bank and DVB Bank. Gulf Navigation said the arrest took place “inspite of continuous negotiations” with the banks.
The arrest also followed a ruling by Rotterdam courts dismissing the claims of DNB and BNP Paribas in as summary proceeding on the arrest of the VLCC Gulf Sheba in the port of Rotterdam last month. Gulf Navigation said the judgement gave both parties time to discuss a possible consensual sale of the vessel.
A week after the arrest of the Gulf Sheba, Gulf Navigation announced plans to exit the VLCC sector.
The company has two VLCCs both of which are six years old.
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