Dubai-based shipping company Gulf Navigation Holding PJSC (GulfNav) has established a strategic partnership with Polimar Turkish Holding in the field of maritime agencies, shipping services and marine products.
Under the agreement GulfNav’s maritime agency fleet will grow from four service boats to ten crews, tugs and offshore support vessels with a value of 3 million USD per vessel.
The companies said that the expected revenue from this partnership, which will provide an integrated set of marine services in the oil, gas, offshore vessels, container liner vessels, bulk carriers, and cruise ships, will be around 27 million USD.
This deal was signed between Gulf Navigation Maritime LLC, a subsidiary of Gulf Navigation Holding Group, and Polimar Turkish Holding. The new joint venture company will be a subsidiary of Gulf Navigation Holding Group and will be headquartered in Dubai starting from this month.
The move comes on the back of an agreement GulfNav signed with Switzerland-based SeaQuest Group in Late December. The company then said that the partnership in ship management, advisory services and marine project management was agreed in an effort to expand GulfNav’s business in the Middle East, Africa and other neighbouring countries through a new company that will be headquartered in Dubai.