GulfNav clears debt with NAT

DUBAI —Gulf Navigation Holding PJSC (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. The new management of GulfNav have been and 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. This settlement and clearing of liability with NAT marks a beginning of the end of the troubled past of the Company. It is expected that this news will improve investor confidence and widen market interest for the Company. GulfNav is also in negotiations with its other major creditors and is hopeful of reaching fair settlements soon. Khamis Juma Buamim, Board member, MD 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. I once again would like to assure all concerned that past and legacy issues will be resolved.” — SG