Tankship Owner, Gulf Navigation Group, in Dire Straits
The Dubai-based shipping company Gulf Navigation has posted a loss of Dh614.3-million in Q3 2013 attributable to a Dh292.8m impairment of goodwill and a write-off of Dh308.6m of the value it expected to receive for the sale of its two very large crude carriers (VLCCs). The Group's condensed consolidated interim fmancial infonnation has been prepared on a 'going concem' basis, however, given the conditions and events described below there exists a material uncertainty that may cast significant doubt about the Group's ability to continue as a going concem.
Gulf Navigation to Add Two Large Oil Tankers
According to a Feb 15 report from Bloomberg, UAE-based shipping company Gulf Navigation Holding will add two very large crude carriers (VLCCs) by 2013 to its fleet as it expands and launches two new companies. Last month it received a VLCC named Gulf Eyadah, which has started its two-year contract. The holding company's total capacity in five years will be 18 million barrels with nine VLCCs. (Source: Bloomberg)
Gulf Navigation to Buy Supertanker
According to a January 3 report from Gulf News, Gulf Navigation Holding confirmed its acquisition of a very large crude carrier (VLCC). The vessel, built in 2006 and with a 300,000 deadweight tonne capacity, can carry up to two million barrels of oil.The Gulf Eyadah will join the operator's other VLCC, Gulf Sheba, which was delivered in late 2007. (Source: Gulf News)
