Dubai-based shipping company Gulf Navigation Holding PJSC (GulfNav) has entered into a strategic alliance with compatriot energy trading firm Mena Energy in order to cooperate in leasing, acquisition, and commercial management of oil tankers, reported World Maritime News.

The alliances aims to set out a platform for the parties to have an enhanced commercial relationship and to further strengthen their existing business ties. The parties have agreed that Gulf Navigation would acquire vessels that would be time-chartered to MENA Energy for carrying Crude and  petroleum products, Markets Today informed.

Under the agreement, GulfNav intends to acquire or order up to 12 vessels for carrying crude and petroleum products that would be time-chartered to Mena Energy. The ships are expected to be in the range of 50,000-120,000 dwt.

The new partnership is said to be in line with GulfNav’s previously announced strategy to acquire a large shipping fleet and to expand its business.

GulfNav plans to expand its services beyond chemical carriers by including other ship types, offshore services, shipping services as well as ship building and repair.