Abu Dhabi – Mubasher: AD Ports Group intends to purchase five bulk carriers and three crude oil tankers at a combined value of AED 955 million to expand its fleet.
The vessel acquisitions fall within the framework of the group’s strategic global expansion objectives to bolster the shipping division under Maritime Cluster, according to a press release.
The five bulk carriers, which are valued at AED 459 million, align with the long-term deal with Saif Powertec that aimed to facilitate the movement of general cargo and dry bulk cargo between Fujairah Port in the UAE, Bangladesh, the Indian subcontinent, South-East Asia, and other global destinations.
Under the agreement between Saif Powertec Limited and SAFEEN Feeders, the two companies will team up to boost global trade and cargo services over a period of 15 years.
Meanwhile, the ADX-listed group will purchase three crude oil tankers in exchange for AED 496 million, as part of the seven-year vessel pooling contract with KazMorTransFlot (KMTF), a subsidiary of Kazakh National Oil Company (KazMunayGas).
Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports, said: “AD Ports consistently seeks opportunities to contribute to the development of comprehensive solutions for customers and partners in the energy and maritime sectors.”
Al Shamisi added: “The extension of our fleet with the purchase of another five bulk carriers and the addition of an initial three crude oil tankers is a remarkable milestone for our Maritime Cluster and 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.”
“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,” the CEO highlighted.
Last January, KazMunayGas and AD Ports inked a strategic partnership agreement to develop a new fleet of shallow-water vessels in order to back offshore operations in the Caspian and Black Seas.
In 2022, the UAE group logged net profits attributable to the shareholders worth AED 1.26 billion, an annual hike of 50% from AED 845.69 million.
