Dubai – Mubasher: Gulf Navigation Holding reduced its debt to $21 million from $36 million, said the CEO Khamis Juma Buamim in a TV interview with CNBC Arabia.
The company is trying to clear all financial liabilities by the end of 2016, he further revealed.
Regarding debt settlement with Nordic American Tankers (NAT), he said no privileges were granted to settle NAT debt that was no more than $14 million.
The Group's CEO pointed out that the company mulls a number of expansions in Abu Dhabi, Khor Fakkan and Fujairah.
In the first half of 2016, the company's net earnings rose 44% to AED 14.4 million.
