Gulf Navigation sells petrochemical tanker to pay debts, improve liquidity, states a Zawya news source.
Sell and pay debts
Dubai-based shipping company said Gulf Mishref is not bound by long-term contracts like other vessels.
Dubai-based ship operator Gulf Navigation Holding has completed procedures to sell one of its vessels and will use proceeds to pay some debts and improve liquidity.
The company said in a Dubai Financial Market (DFM) filing that the petrochemical tanker Gulf Mishref is being sold as part of expansion and fleet modernisation plans.
The ship was operating in the spot market and therefore not bound by long-term contracts, the company said.
No buyer or sales price was given for the sale
The company reported in a separate filing that its general assembly has not approved its auditors report for year ending 31st December 2021.
It has also decided not to distribute dividends for year ending 31st December 2022 and has not discharged its auditors for that fiscal year.
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Source: Zawya
