Dubai: The AD Ports Group owned entity Safeen Feeders will be launching a dry bulk shipping operation, at a time when this mode of transporting cargo has taken on significance. The Abu Dhabi company has entered an alliance with Invictus Investment Co. for the venture.
Initial commitments would be around Dh463 million ($126 million) on five vessels, expected to be deployed within six months and additional vessels envisaged as part of future growth plans. The joint venture will serve as the ‘carrier for Invictus’ dry-bulk trading business, which currently ships more than three million tonnes of commodities annually’, made up mostly of wheat and other food grains.
"This is an important agreement for AD Ports Group as we look to expand the diverse portfolio of international dry bulk services that we provide for customers and strengthen food security in the region and around the world," said Capt. Mohamed Juma Al Shamisi, Managing Director and Group CEO at the Abu Dhabi entity. "Aligning Safeen Feeders shipping expertise with Invictus’ diverse sourcing network will help create a significant new operator, with global reach and a modern fleet.”
Invictus, which listed on the Abu Dhabi Securities Exchange (ADX) in June last, has leveraged its ‘core competency’ in wheat trading to diversify into complementary grains, as well as cotton, groundnuts, meat, other commodities and finished goods.
Safeen Feeders, which launched in 2020, has expanded its fleet over the past two years, with new vessels of varying sizes and capacities for bulk and container services, boosting overall capacity to 23,400 TEUs.
"This is an important agreement for AD Ports Group as we look to expand the diverse portfolio of international dry bulk services that we provide for customers and strengthen food security in the region and around the world," said Al Shamisi.
This agreement with AD Ports Group ensures our commitment to investing in businesses that add synergies and value to our expanding trading business, and in building strong strategic partnerships. It is further aligned with our focus on investing in fixed assets to strengthen our logistics capacity
