Gulf Nav takes $60m hit

Gulf Navigation has made a loss provision of over $60m after coming off second best in an arbitration dispute related to a pair of cancelled VLCCs in China.

20 March 2014 10:58 GMT Updated 20 March 2014 11:07 GMT

By Jason O'Connell

A London panel this week ruled against the Dubai-based tanker owner in the case against Chinese yards Zhoushan Jinhaiwan Shipbuilding, Grand China Logistics Holding and HNA Group.

Gulf Nav ordered the vessels in 2011 but the yard subsequently cancelled the contract after the owner tried to change the terms to make them more fuel efficient.

Including legal costs and interest, the company has provided for a loss of AED 230.2m