Dubai: The AD Ports Group will be paying Dh459 million for five bulk carriers as part of a major fleet expansion, which will also see the induction of three crude oil tankers for Dh496 million.
The bulk carriers will help with the movement of general and dry bulk cargo between Fujairah Port and Bangladesh, the Indian subcontinent, South-East Asia, and other destinations.
The purchase of the crude oil tankers form part of the seven-year vessel pooling agreement 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 is a remarkable milestone for our Maritime Cluster,” said Capt. Mohamed Juma Al Shamisi, Managing Director and Group CEO at the Abu Dhabi entity. “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.”
The vessel purchases are part of a larger expansion strategy ‘aimed at broadening our portfolio of services’.
Under the agreement between KazMunayGas and AD Ports Group, the two will review opportunities to collaborate on a 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.
On the bulk carriers, AD Ports Group – through its Safeen Feeders - is working off an existing deal with Saif Powertec, which was signed April 2022. The two will work to ‘facilitate global trade and cargo services over a period of 15 years’.