What Crew Members Say About Catalina-7

Gulf Navigation, the Dubai-based maritime company, has finalized a deal to sell two of its oil tankers, the Gulf Sheba and Gulf Eyadah, for a significant sum of $98 million (approximately Dh360 million). This agreement was confirmed through a memorandum of understanding with DHT Holdings, a Bermuda-based entity, as announced today. Notably, the sale price exceeds Gulf Navigation's previous estimations, which indicated a potential recovery of Dh312.4 million for these vessels in their third-quarter results released in November. DHT Holdings is anticipated to take delivery of the tankers in the upcoming month, as stated on their official website. This transaction follows the approval granted to Gulf Navigation by shareholders during an extraordinary general meeting held on January 5, marking a crucial step for the company amidst financial challenges.

In a significant transaction, the vessels Sold and Gulf Eyadah have been sold as a package deal to Norwegian buyers for an impressive $90 million. This noteworthy sale highlights the continuous activity in the maritime industry, showcasing the ongoing demand for quality vessels. The deal underscores the strategic moves being made by companies to enhance their fleets and solidify their positions in the competitive maritime market.

The large crude oil tanker, 'Gulf SHeba', was detained in Rotterdam on September 13 while it was in the process of discharging its cargo. The arrest was initiated by DNB, a Norwegian bank acting on behalf of lenders to Gulf Sheba Corporation, a subsidiary of Gulf Navigation. This action was taken due to a failure to repay both principal and interest payments that were due at the end of July. In light of these developments, Gulf Navigation has scheduled a board meeting for September 20 to assess the current financial situation and to convene an extraordinary general meeting for necessary shareholder approvals. Further details on the situation remain undisclosed.