Gulf Navigation exits VLCC business

Decision comes a week after VLCC Gulf Sheba was arrested in Rotterdam.
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Following a board meeting on September 20, Gulf Navigation has announced that it is exiting the VLCC business.

Gulf Navigation will sell its two VLCC vessels – the Gulf Sheba and Gulf Eyadah – and continue with its remaining IMO Type II chemical tankers.

Sandeep Kadwe, Gulf Navigation managing director, was quoted: “As of now the VLCC segment worldwide is going through a difficult time, and we don’t expect it to turn around in the near term. So to prevent further cash loss from this part of our business we are selling our VLCCs.”

Last week the company made headlines after the VLCC Gulf Sheba was arrested in the Port of Rotterdam after defaulting on a July loan payment.
 

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