Gulf Navigation has entering into a strategic alliance with Mena Energy which will see it acquire 12 new tankers, ranging between 50,000 dwt to 120,000 dwt.
The strategic alliance will see the two companies co-operate in ship acquisition, chartering and commercial management while further strengthening their existing business ties.
Gulf Navigation will be acquiring the new vessels specifically to time charter to Mena Energy for the carrying of crude and the petroleum products.
Khamis Juma Buamim, managing director and CEO of Gulf Navigation, commented: “We are truly proud of this strategic alliance and we are delighted to take another step forward in GulfNav’s strategic business expansion process and to have deepened GulfNav’s existing strong collaboration with MENA Energy which would add value and prove advantageous to both parties”.
Last month Buamim signalled in a press release his intention to significantly grow the Gulf Navigation fleet, with the company hiring Deloitte to provide assistance in the fleet build up process.