AD Ports splashes $260 million on fleet expansion


AD Ports Group has announced plans to expand its fleet with the purchase of five bulk carriers and three crude oil tankers.

The five bulk carriers had a total transaction value of AED459 million ($125 million), while the three crude oil tankers had a total transaction value of AED496 million ($135 million).

The purchase of bulk carriers forms part of the long-term agreement with Saif Powertec, 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. 

Under the terms of the agreement with Saif Powertec, the two companies will work together to facilitate global trade and cargo services over a period of 15 years. 

READ: READ: AD Ports Group and KMTF sign deal

The purchase of the crude oil tankers 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.

Under the terms of the strategic partnership agreement between KazMunayGas and AD Ports Group, the two companies will review opportunities to collaborate on a broad range of projects.

These potential projects include 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, the Group reported.

READ: AD Ports Group delivers record-setting revenue figures for 2022

Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said: “The extension of our fleet with the purchase of another five bulk carriers and addition of an initial three crude oil tankers 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 announcement comes almost five months after the Group signed key strategic agreements with Angolan organisations.

More recently, AD Ports Group signed a Head of Terms (HoT) with the Ministry of International Cooperation and Promotion of Public Private Partnership of the Republic of Congo, for a new multipurpose terminal in Pointe-Noire, Republic of Congo.

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