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AD Ports Group expands dry bulk fleet, moves into tankers

Photo: AD Ports Group Youtube The 102,000 dwt Hafeet, one of the bulk carriers in the Safeen fleet (YouTube) No.1[74].jpg
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 $125 million, form part of the long-term agreement with Saif Powertec, signed in April 2022, for the movement of general and dry bulk cargo between Fujairah Port in the UAE and Bangladesh, the Indian subcontinent, South-East Asia, and other global destinations,” AD Ports Group said.

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

The ports and shipping group is also making its first foray into the tanker sector with the acquisition of three crude oil tankers.

“The purchase of three crude oil tankers, with a total transaction value of $135 million, will form part of the seven-year vessel pooling agreement formed in December 2022 with KazMorTransFlot (KMTF), a subsidiary of Kazakh National Oil Company (KazMunayGas), for the transport of crude oil internationally.”

KazMunayGas and AD Ports Group are to collaborate on a broad range of projects, including the development of a new fleet of shallow-water vessels to support offshore operations in the Caspian Sea and the development of a tanker fleet to support the export of Kazakh oil.

The vessel acquisitions will follow the recently signed agreements as part of the Group’s strategic global expansion objectives to enhance the shipping division under AD Ports Group’s Maritime Cluster.

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

“AD Ports Group consistently seeks opportunities to contribute to the development of comprehensive solutions for customers and partners in the energy and maritime sectors. More importantly, the vessel acquisitions are part of a larger expansion strategy by our Group aimed at broadening our portfolio of services and taking our experience and service excellence to the wider bulk shipping and offshore oil markets.”

As part of the collaboration with Saif Powertech, Safeen Feeders is already understood to be providing eight Supramax bulk carriers each of 55,000 dwt capacity.

The fresh development in the emirate of Abu Dhabi’s interest in crude oil tankers represents a new step in the sector, after Abu Dhabi National Tanker Company (Adnatco) was merged into mother company Abu Dhabi National Oil Company’s ADNOC Logistics and Services (ADNOC L&S) in 2016, to handle the UAE’s own crude oil exports.