Company Lookup
عربي
Download Demo
 

Market News

This Month News

This Month News

send to a friend by email

Gulf Navigation announces receipt of full refund of second terminated new building contract

2010-06-16

Gulf Navigation Holding PJSC (DFM: GULFNAV) the leading ship owning and Maritime Services Company in the region, announces that Gulf Mizhar Shipping Inc. ("Gulf Mizhar"), a wholly owned subsidiary of Gulf Navigation Holding PJSC, has now also received full payment along with interest from SLS Shipbuilding Co. Ltd of Tongyeong, Korea (“SLS”) in respect to its termination of the new building contract relating to the 44,000 DWT product/chemical tanker vessel bearing hull n° S489 (the “Contract”).  The amount received is in excess of USD 35m, bringing the total amount received in excess of USD 70m. The contract was terminated due to excessive delays in relation to the delivery of the vessel. Now having received its full payment with interest for both vessels, the Company is in a strong position to execute new purchases at current market rates significantly lower than before. The refund of the interest bearing instalments will have a positive effect on the company’s result, and increase its cash reserves to help with future acquisitions.


 

2020-01-23
Al-Quds Index declines amid the start of dividends distribution recommendation for 2019

2020-01-23
TRUST recommends distributing 10% cash dividends for the year 2019

2020-01-16
Al-Quds Index continues to increase despite the liquidity scarcity

2020-01-09
Several transactions in the market raise the trading value in the second week of 2020

2020-01-08
The PEX reviews the composition of Al-Quds Index for the year 2020

2020-01-02
Al-Quds Index declines with the start of the new year 2020

 

 

 
Sahem Trading & Investments Company - PEX Member and licensed by PCMA
© All Rights Reserved 2013