AD Ports Group is expanding its dry bulk fleet and switching to tankers

AD Ports Group is expanding its shipping fleet with the acquisition of five bulk carriers and three crude oil tankers.

“The five bulk carriers, to be purchased for US$125 million, are part of the long-term agreement signed with Saif Powertec in April 2022 for the transportation of general cargo and dry bulk between the Port of Fujairah in the United Arab Emirates and Bangladesh in the Indian subcontinent , Southeast Asia and other global destinations,” AD Ports Group said.

Saif Powertec and AD Ports Group’s feeder service, Safeen Feeders, will jointly enable global trade and freight services over a period of 15 years.

With the acquisition of three crude oil tankers, the port and shipping company group is also taking its first step into the tanker sector.

“The purchase of three crude oil tankers with a total transaction value of US$135 million will form part of the December 2022 transaction with KazMorTransFlot (KMTF), a subsidiary of Kazakh National Oil Company (KazMunayGas), for the international transportation of crude oil.”

KazMunayGas and AD Ports Group will work together on a wide range of projects, including the development of a new fleet of flatwater vessels to support offshore operations in the Caspian Sea and the development of a fleet of tankers to support the export of Kazakh oil.

The vessel acquisitions follow recently signed agreements as part of the group’s strategic global expansion goals to strengthen the shipping division within AD Ports Group’s maritime cluster.

“The expansion of our fleet with the purchase of an additional five bulk carriers and the addition of an initial three crude oil tankers will further enable us to equip our business with the right assets and logistics capacity to adapt to evolving global demand in the industries where we operate we operate,” said Capt. Mohamed Al Shamisi, Managing Director and Group CEO, AD Ports Group.

“AD Ports Group consistently seeks opportunities to contribute to the development of comprehensive solutions for customers and partners in the energy and marine sectors. More importantly, the vessel acquisitions are part of a broader expansion strategy of our group aimed at expanding our service portfolio and bringing our experience and service excellence to the broader bulk carrier and offshore oil markets.”

As part of the cooperation with Saif Powertech, Safeen Feeders will already provide eight Supramax bulk carriers with a capacity of 55,000 dwt each.

The new development of the Emirate of Abu Dhabi’s interest in crude oil tankers marks a new move in the industry following the merger of Abu Dhabi National Tanker Company (Adnatco) with ADNOC Logistics and Services (ADNOC L&S) of parent company Abu Dhabi National Oil Company in 2016, to handle the UAE’s own crude oil exports.

Source: News Network