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Wed 7 Sep 2016 02:00 PM

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Dubai shipping firm says reaches debt deal with creditor

Gulf Navigation Holding and Nordic American Tankers announce new settlement over long-standing debt

Dubai shipping firm says reaches debt deal with creditor
crude oil tanker (ATTA KENARE/AFP/GettyImages)

Dubai-based Gulf Navigation Holding and Nordic American Tankers (NAT) have announced that they have signed a new agreement to settle fully a long standing debt.

Gulf Navigation said in a statement that the settlement and clearing of liability with NAT "marks a beginning of the end of the troubled past of the company". 

It added that the new management of Gulf Navigation are "working intensively" to clear all historical liabilities and backlog in order to give the company a new leash of life.  

Gulf Navigation said it is also in negotiations with its other major creditors and is hopeful of reaching fair settlements soon.

Khamis Juma Buamim, managing director and group CEO said: “We are happy to have reached this important settlement with Nordic American Tankers and I thank them 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.”  

Gulf Navigation is a holding company with subsidiaries owning a fleet of chemical tankers and offshore support vessels and performing ship and fleet management as well as shipping services.

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