Wednesday, November 20, 2019
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Gulf Navigation may face Dh229m in provisions for London arbitration case

Dubai-based shipping company Gulf Navigation are facing losses in excess of Dh220 million in the fallout of losing its arbitration over the building of two petroleum tankers.

In a statement to the Dubai Financial Market, it said total additional losses due to provision because of impact of this award could be Dh229.17 million.

Earlier this week Gulf Navigation stated that arbitrators in London had ruled that it must pay a group of Chinese shipbuilding companies the second part of a contract to build two VLCC grade petroleum tankers.