Gulf Navigation Holding (GulfNav) and Nordic American Tankers (NAT) have signed a new settlement agreement and the long standing debt that GulfNav owed to NAT has now been settled fully and finally pursuant to the terms, a statement said.

GulfNav’s new management are working intensively to clear all historical liabilities and backlog in order to give the company a new leash of life whereby new horizons of maritime and shipping business can be explored on a more positive footing, said a statement from the company.

This settlement and clearing of liability with NAT marks a fresh start, and it is expected to improve investor confidence and widen market interest for GulfNav, it said.

GulfNav is also in negotiations with its other major creditors and is hopeful of reaching fair settlements soon, it added.

Khamis Juma Buamim, board member, managing director and group CEO, said: “We are happy to have reached this important settlement with NAT, 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. 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,” he added.

Buamim added that GulfNav has now a fully energised management and that it is equipped with all the means and enablers in order to take a stronger market position by providing quality and cost effective services not only in the chemical tankers but also in other shipping business segments, said a statement.

GulfNav is the only public listed in the maritime, offshore services and shipping company in the Dubai Financial Market and has been accredited ISO 9001:2008 by Bureau Veritas, a global leader in testing, inspection and certification, it stated. – TradeArabia News Service