Dubai: Struggling Dubai-based shipping company, Gulf Navigation, has suffered another blow. The company announced that it has lost an arbitration case in the United Kingdom.
Arbitrators in London have ruled that Gulf Navigation must pay a group of Chinese shipbuilding companies the second part of a contract to build two VLCC grade petroleum tankers. The contract dates back to 2011.
The group of Chinese shipbuilding companies are Zhoushan Jinhaiwan Shipbuilding, Grand China Logistics Holding and HNA Group.