AD Ports Group boosts fleet with $260mln acquisition deal

AD Ports Group boosts fleet with $260mln acquisition deal

AD Ports Group, a leading facilitator of global trade, logistics and industry based in Abu Dhabi, has announced plans to expand its fleet with the purchase of five bulk carriers and three crude oil tankers at a total investment of AED955 million ($260 million).

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.

The five bulk carriers, to be purchased for AED459 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 and Bangladesh, the Indian subcontinent, South-East Asia, and other global destinations, said a statement from AD Ports.

The purchase of three crude oil tankers, with a total transaction value of AED496 million, will form part of the seven-year vessel pooling agreement formed in December with KazMorTransFlot (KMTF), a subsidiary of Kazakh National Oil Company (KazMunayGas), for the transport of crude oil internationally.

Managing Director and Group CEO Captain Mohamed Juma Al Shamisi said: "The extension of our fleet with the purchase of another five bulk carriers and addition of an initial three crude oil tankers