SAFEEN Feeders to purchase and charter out boxship trio

AD Ports Group/SAIF Powertec SAIF Power Tech Agreement.jpg
Capt. Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group; and Tarafder MD Ruhul Amin, Managing Director of Saif Powertec.
SAFEEN Feeders has signed a long-term charter agreement with Bangaldesh’s Saif Powertec.

The initial agreement between the companies covers three containerships of between 1,700 and 2,100 teu. SAFEEN will purchase the vessels with an investment of around AED375m ($102m) and charter them to Saif Powertec for a 15-year term from November 2022.

SAFEEN said the deal will help Saif Powertec access critical assets for global trade routes to Bangladesh, while securing stable returns for SAFEEN and owner AD Ports Group.

Tarafder MD Ruhul Amin, Managing Director of Saif Powertec, said: “Bangladesh has been underserved by direct services and this new agreement will enable us to fill a substantial gap in the market and drive UAE-Bangladesh trade.”

Captain Ammar Mubarak Al Shaiba, Acting CEO of the Maritime Cluster and SAFEEN Group, AD Ports Group, said: “Leveraging SAFEEN Feeders’ expertise as a leading maritime service provider, this containership charter agreement with Saif Powertec will help meet surging container traffic demand along Bangladesh-bound routes.

We have structured the agreement to reduce exposure to market volatility and ensure a positive return on our investment in these vessels.”

The agreement builds on a similar arrangement signed in April in the dry bulk sector, under which SAFEEN signed a deal to collaborate on trade facilitation between Fujairah and Bangladesh, including providing eight supramax carriers.

AD Ports also announced this week that SAFEEN entered into an agreement to launch a new international dry bulk service with Invictus Investment.