Abu Dhabi’s leading global logistics company AD Ports Group is expanding its fleet further with an agreement to purchase five bulk carriers and three crude oil tankers.
The five bulk carriers, to be purchased for AED459 million ($125 million), form part of the long-term agreement with Saif Powertec, signed in April 2022, for the movement of general cargo and dry bulk cargo between Fujairah Port in the UAE and the Indian subcontinent, Bangladesh, South-East Asia, and other global destinations.
The purchase of three crude oil tankers, with a total transaction value of AED496 million ($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.
Captain Mohamed Juma 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.
“The extension of our fleet with these purchases 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.
AD Ports Group acquisition part of ‘larger strategy’
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 per the agreement between KazMunayGas and AD Ports Group, the two companies will review opportunities 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 agreement with Saif Powertec Limited and AD Ports Group’s feeder service, SAFEEN Feeders, entails the two companies cooperating on facilitating global trade and cargo services over a period of 15 years.
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