Gulf Navigation to sell vessels following seizure | GulfNews.com:
"Gulf Navigation is set to expand its tanker operations and sell off its crude carrier fleet after one of its vessels was seized in Holland earlier this month.
In a statement to the Dubai Financial Market (DFM), the Board of Directors said they would recommend its shareholders vote in favour of selling its only two very large crude carrier (VLCC) vessels.
The Board of Directors met on Friday to discuss the seizure of its Gulf Sheba crude carrier vessel in the port of Rotterdam.
The vessel was confiscated more than a week ago by Norwegian bank DNB, a agent for the lenders of the vessel, after Gulf Navigation defaulted on repayments."
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