Stopped at Rotterdam for loan default
A VLCC of Dubai-based Gulf Navigation has been seized at Rotterdam after the company defaulted on its loan repayment, The oil tanker was forced to remain anchored in Rotterdam pending its sale, under instruction from disgruntled creditors.
Gulf Navigation said in a statement it was negotiating with lenders for the release of the vessel. The vessel was initially anchored in the “port area” of the port of Rottedam and was moved from where it was unloading its contents and subsequently served with an arrest notice.
Rotterdam port authorities confirmed that the vessel a very large crude carrier (VLCC) was still at anchor in the port area. A spokesperson for Port of Rotterdam said the ship was no longer detained in the port and was now located on the North Sea at Anchor Zone 4 near the entrance of the port.
“The Port Authorities allowed the ship to shift to the sea,” the spokesperson said.The spokesperson did not provide any further details on the ship and directed queries to the ship owner.
Gulf Navigation announced on Wednesday it would hold a board meeting on Friday September 20 to discuss the seizure and call for an extraordinary general meeting (EGM) for necessary shareholder approvals.
On August 15 2013 Gulf navigation released a consolidated financial statement for the period ending June 30 2013. The company declared the half-year statement did not include all information required for annual financial statements.
The statement read “There exists a material uncertainty that may cast significant doubt about the ability of the Group to continue.”
It continued, “At 30 June 2013, the Group is in breach of the terms of the loan agreement with its lenders. Further, subsequent to the period end the Group was unable to make payment of a loan instalment of $1,832 thousand which was due in July 2013.”
