Dubai-based chemical tanker carrier Gulf Navigation, which is facing serious financial difficulties, grew its earnings 123 percent in the first nine months of 2015 compared to the same period last year.
The interim report is published at a time when the carrier is in the midst of a financial turnaround process and in negotiations with its creditors, notes the company's management team in the interim report. The creditors include Norwegian DNB.
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In the drama surrounding the merger between tanker majors Euronav and Frontline, one of the arguments from Euronav’s biggest shareholder, the Saverys family, is that the merger will pull Euronav in the wrong direction on the green agenda. Euronav tells ShippingWatch that the company rejects this criticism.