Dubai’s Gulf Navigation forms joint venture with Polimar Turkish Holding

Dubai-listed Gulf Navigation Holding has announced a partnership with Polimar Turkish Holding to grow its fleet and increase its global reach

Under the agreement, Gulf Navigation said it would be able to serve customers in major trading ports worldwide.

It will also grow its Maritime Agency Fleet form four service boats to 10 crews, tugs and offshore support vessels with a value of $3m per vessel.

The expected revenue from the partnership will be around $27m and the joint venture will be headquartered in Dubai from this month, according to the company’s release.

“The group is proud and pleased for this strategic partnership and we are confident that step will contribute significantly in the process of expanding our services and commercial business to different parts of the world and raise the level and quality of services provided to our customers and raise the value of the company and its position in the local and global market,” said Khamis Juma Buamim, board member, managing director and group CEO of Gulf Navigation.

Polimar has branches in Turkey, Bulgaria and Greece and services ports at Istanbul, Tuzla, Yalova, Canakkale, Piraus, Dubai, Bourgas, Suez, Gibraltar and Novorossiysk

The joint venture follows another deal with China’s Wuchang Shipbuilding Industry Group and Qingdao Beihai Shipbuilding Heavy Industry last month to expand operations in the UAE’s northern emirates.

The three have reviewed the existing shipyard workshop, facilities, equipment, quay and the need for ship repair work and plan to embark on the ‘GNH Northern project’ in three phases.

Read: Dubai’s Gulf Navigation forms shipping joint venture with Chinese firms

The plans come under Gulf Navigation’s strategy to turnaround its fortunes after appointing a new CEO in April last year.

Read: Gulf Navigation appoints new CEO as part of restructuring

In April the company confirmed it was in the process of negotiating a settlement for $35m of debt in 2016 and revealed plans to increase profitability.