This award was made following a claim against GulfNav for allegedly redelivering a NAT Suezmax from a bareboat charter in a poor condition. The arbitrators found in favour of NAT and awarded the company around $10.2 mill in compensation.
GulfNav reported a total loss of AED697.9 mill for last year, compared with a loss of AED147.8 mill in 2012.
This increase in the loss was due to a provision allocated for exiting the VLCC market, a write off of goodwill and a provision in respect of claims against the company, which GulfNav said were non-recurring items and constituted about 89% of the loss.
Both the company’s VLCCs are the subject to sales negotiations at present, which should be concluded shortly.