Dubai-based shipping company Gulf Navigation Holding PJSC (GulfNav) has reached a final settlement with three lenders including DVB Bank SE, BNP Paribas and DNB Bank ASA related to very large crude carriers (VLCCs) sold in 2014.

The vessels, Gulf Sheba and Gulf Eyadah, were seized by the banks in 2013 after GulfNav failed to repay the loan for the two VLCCs.

In 2014, Bermuda-based crude oil tanker firm DHT Holdings bought the two 299,000 dwt tankers for USD 98 million and renamed them DHT Hawk and DHT Falcon.

However, GulfNav and the three banks have been in dispute until now.

In a statement, the shipping firm said that the settlement is “part of a continuing process undertaken by the new management of GulfNav to clear all historical liabilities to allow the company to refocus its energy into exploring new horizons for growth in the maritime and shipping business.”

The company further said it is negotiating with remaining counterparties and hopes it would reach “fair settlements” soon.

“With this settlement, the transformation of the company’ is taken a new turn. The company is now starting a new chapter which will showcase a stronger and more competitive marine and shipping company with full commitment to its shareholders, the market and the industry at large,” Khamis Juma Buamim, GulfNav’s Managing Director and CEO, stated.

Listed on the Dubai Financial Market in 2007, GulfNav has a fleet of eight chemical tankers as well as four crew boats. In addition, the company has six chemical tankers on order at China’s Wuchang Group.