ADX-listed AD Ports Group buys 80% in Dubai’s Global Feeder Shipping for Dh2.9b

ADX-listed AD Ports Group buys 80% in Dubai’s Global Feeder Shipping for Dh2.9b

AD Ports Group will try to integrate GFS to its ‘Maritime Cluster’, which already offers shipping, offshore and subsea services. “Aligning GFS services with AD Ports Group companies Safeen Feeders and Transmar will make AD Ports Group the world’s largest independent feeder company by vessels owned, with an owned fleet of 35 vessels, and the third largest globally by volumes carried with a total container capacity of 100,000 TEUs,” the company said.

GFS had recorded $1.08 billion in the last 12 months, which delivered an EBITDA of $521 million and a net profit of $481 million. (The EBITDA margin works out to 48 per cent.)

GFS has built one of the largest fleets of container ships, with 26 owned- and operated vessels with a capacity of 72,500 TEUs. These cover the Middle East, Indian Subcontinent and Southeast Asia with services connecting the UAE to India, Pakistan, Sri Lanka, Egypt, Sudan, Djibouti, Yemen, Saudi Arabia, Bahrain, China, South Korea, and Vietnam, among others.

"AD Ports Group has been on a journey of development throughout 2022, driven by both organic growth and prudent investments," said Falah Mohammed Al Ahbabi, Chairman of AD Ports Group. "Our acquisition of a majority stake in GFS, which is the