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Gulf Navigation restructuring and VLCC sale approved

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

Marcus Hand, Editor

January 7, 2014

1 Min Read
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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%.  

About the Author

Marcus Hand

Editor

Marcus Hand is the editor of Seatrade Maritime News and a dedicated maritime journalist with over two decades of experience covering the shipping industry in Asia.

Marcus is also an experienced industry commentator and has chaired many conferences and round tables. Before joining Seatrade at the beginning of 2010, Marcus worked for the shipping industry journal Lloyd's List for a decade and before that the Singapore Business Times covering shipping and aviation.

In November 2022, Marcus was announced as a member of the Board of Advisors to the Singapore Journal of Maritime Talent and Technology (SJMTT) to help bring together thought leadership around the key areas of talent and technology.

Marcus is the founder of the Seatrade Maritime Podcast that delivers commentary, opinions and conversations on shipping's most important topics.

Conferences & Webinars

Marcus Hand regularly moderates at international maritime events. Below you’ll find a list of selected past conferences and webinars.

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