Acquisition of crude oil tankers and bulk carriers strengthen commercial shipping capabilities
AD Ports Group has announced plans to expand its fleet with the purchase of five bulk carriers and three crude oil tankers.
These 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, it was announced in a press communique.
The five bulk carriers, to be purchased for AED 459mn (US$ 125mn), 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 496mn (US$ 135mn) 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.
“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,” stated Capt. Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group.
