- Dubai-based shipping company Gulf Navigation is strengthening its strategic position by increasing its stake in subsidiary Gulf Navigation Polimar Maritime. The acquisition involves the purchase of the 40% held by Turkish Polimar Holding Company, resulting in Gulf Navigation now having 100% ownership in the maritime agency services subsidiary established in 2017. The move is part of Gulf Navigation's broader deal-making strategy, aiming to boost future revenues by expanding its agency business and focusing on an integrated logistics solutions portfolio. This marks the company's third major deal as it continues to capitalize on operational and financial gains achieved since 2022 through capital restructuring and debt management.
- Gulf Navigation is positioned to become a "one-stop shop" serving all terminals and commercial ports in the UAE, catering to various vessel types and cargos. In addition to this recent acquisition, Gulf Navigation has also announced plans to fully acquire Brooge Petroleum and Gas Investment Company (BPGIC) from Brooge Energy Ltd., a Nasdaq-listed entity. This move aligns with the company's strategic goals of enhancing value-added services, given BPGIC's operations in Fujairah, specializing in crude oil product storage and extraction.
Why it matters
As discussions regarding the BPGIC acquisition are ongoing, Gulf Navigation has submitted a proposal to the UAE’s Securities and Commodities Authority, underscoring its commitment to expansion and diversification. Notably, the company has also entered into a joint venture with Scorpio Services Holding Ltd., forming "Black Marlin Ship Management & Operation" to provide vessel management solutions for regional clients. The joint venture will be launched with eight vessels, four from each partner, reflecting Gulf Navigation's continued efforts to strengthen its market presence and capabilities.
