GulfNav settles all NAT debts as part of turnaround

Khamis Juma Buamim, board member, MD and group CEO, known for leading the turnaround of Dubai Drydocks World, thanked Nordic American Tankers for their positive commitment during the negotiations.

Khamis Juma Buamim, board member, MD and group CEO, known for leading the turnaround of Dubai Drydocks World, thanked Nordic American Tankers for their positive commitment during the negotiations.

Gulf Navigation (GulfNav) has announced that all debts with Nordic American Tankers (NAT) have been paid as part of a new settlement agreement.

The long standing debt that GulfNav owed to NAT has now been settled fully and finally pursuant to the terms, the company said in a statement.

The agreement comes as part of a push by the new management of GulfNav to clear all historical liabilities and backlog in order to give the company greater flexibility going forward.

GulfNav will no doubt hope that this news will improve investor confidence and widen market interest for the company, the only public listed in the maritime, offshore services and shipping company in the Dubai Financial Market.

GulfNav is also in negotiations with its other major creditors and is hopeful of reaching fair settlements soon, according to a press release.

Khamis Juma Buamim, board member, MD and group CEO, known for leading the turnaround of Dubai Drydocks World, thanked Nordic American Tankers for their positive commitment during the negotiations.

"This is a step and an important milestone on the commitment we have made earlier to seek fair and amicable settlements with all our legacy debtors," he said. "I once again would like to assure all concerned that past and legacy issues will be resolved and the company will be on a solid ground to navigate the future with full commitment to its shareholders, the market and the industry at large."

GulfNav is a holding company with subsidiaries owning a fleet of chemical tankers and offshore support vessels. It also offers ship and fleet management as well as shipping services.

Source: Arabian Supply Chain