Danish bunker and tanker group Monjasa is targeting new markets in the Gulf of Aden due to the improved security situation there.
It is also bringing in trade finance bank UBAF to help fund its expansion.
The company is opening a new base in Djibouti and expects a 200,000-tonne volume increase from the region next year.
"The objective is to challenge status quo and provide a valid alternative to the traditional Suez and Jeddah bunker markets," it said.
