Dubai's Gulf Navigation looks to end creditor woes with debt cut | Reuters

Dubai's Gulf Navigation looks to end creditor woes with debt cut | Reuters:

"Dubai's Gulf Navigation Holding said on Tuesday it had reduced its debt from $36 million to $21 million and hopes to end a long-running dispute with creditors by consolidating all of its borrowing before the end of the year.

Dubai's only listed crude shipper expanded ambitiously at the end of the last decade just as oversupply hit the chemical tanker business and transportation rates plummeted.

Subsequent debt disputes weighed on its performance and investor confidence for many years, but Gulf Navigation has now "reached an amicable settlement with its creditors", Chief Executive Khamis Juma Buamim said in a bourse statement."



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