Photo credit: AD Ports Group

Abu Dhabi´s AD Ports Group will expand its fleet portfolio with the purchase of five bulk carriers and three crude oil tankers.

The company announced yesterday that the five bulk carriers, to be purchased for AED 459 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 Bangladesh, the Indian subcontinent, South-East Asia, and other global destinations.

The purchase of three crude oil tankers, with a total transaction value of AED 496 million, will form part of the seven-year vessel pooling agreement formed in December 2022 with KazMorTransFlot, a subsidiary of Kazakh National Oil Company (KazMunayGas), for the transport of crude oil internationally.

Capt. Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said the vessel acquisitions are part of a larger expansion strategy by the Group aimed at broadening the company´s portfolio of services to the wider bulk shipping and offshore oil markets.

As he said “the extension of our fleet with the purchase of another five bulk carriers and 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.”

With the new agreement between KazMunayGas and AD Ports Group, the two parties will 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.

As far as the deal between Saif Powertec Limited and AD Ports Group’s feeder service, Safeen Feeders, the two companies will work closely together to facilitate global trade and cargo services over a period of 15 years.