Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Gulf Navigation restructuring and VLCC sale approved

Gulf Navigation restructuring and VLCC sale approved
Shareholders have approved the restructuring plans Dubai shipowner Gulf Navigation, including the sale of its two VLCCs.

At an extraordinary general meeting of the company shareholders approved a proposal to sell the company’s two VLCCs Gulf Sheba and Gulf Eyadah and complete the sale at the best available price.  Both VLCCs were arrested in the second half of last year by creditor banks.

Approval was also given to reduce capital by way of writing Gulf Navigation’s accumulated losses of AED1.1bn (300.3m) down to AED551m.

Shareholders also approved a convertible bond issue of up $130m, and a proposal to allow ownership of the company by non-UAE and GCC nationals to up to 49%.  

Hide comments
account-default-image

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish