AD Ports Group announces purchase of vessels following strategic agreements

AD Ports Group announces purchase of vessels following strategic agreements

ABU DHABI, 1st May, 2023 (WAM) -- AD Ports Group has announced plans to expand its fleet by purchasing 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.

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 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 AED496 million, 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.

Capt. Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports Group, said that the extension of the fleet with the purchase of another five bulk carriers and the addition of an initial three crude oil tankers is a remarkable milestone for AD Port's Maritime Cluster and will further equip