SAFEEN Feeders, Saif Maritime strike deal for three feeder boxship charter

SAIF Power Tech Agreement

Saif Maritime LLC has signed a deal between AD Ports’ SAFEEN Feeders to launch three container feeder vessels on global routes.

Under the terms of the agreement, SAFEEN Feeders will charter an initial three vessels to Saif Maritime at pre-agreed rates starting November 2022 to be deployed on global routes connecting Bangladesh.

The contract notes that the three feeder boxships (ranging from 1,700 to 2,100 in TEU) will operate over a 15-year period.

READ: SAFEEN Feeders launches new UAE-China service

SAFEEN Feeders will invest approximately AED375 million ($102 million) to purchase the vessels.

The estimated cargo freight sales revenue per vessel per annum is $20 million, with net profit anticipated to reach $2.5 million per year per vessel over the 15 year contract.

Saif Maritime LLC is a subsidiary of Saif Powetec Limited.

Earlier this year SAFEEN Feeders signed a long-term trade facilitation and shipping agreement with Saif Powertec Limited.

Today’s agreement was signed by the Captain Ammar Mubarak Al Shaiba and Managing Director at Saif Powertec Limited Muhammad Ruhul Amin Tarafder.

Captain Ammar Mubarak Al Shaiba, Acting CEO of the Maritime Cluster and SAFEEN Group, AD Ports Group, said: “Under the guidance of our wise leadership, AD Ports Group continues to support the opening of new routes to stimulate global trade and drive new economic opportunities.

“Leveraging SAFEEN Feeders’ expertise as a leading maritime service provider, this containership charter agreement with Saif Powertec will help meet surging container traffic demand along Bangladesh-bound routes.”

Tarafder MD Ruhul Amin, Managing Director of Saif Powertec, added: “We are delighted to expand our ongoing partnership with AD Ports Group’s SAFEEN Feeders through this new charter agreement, which will enable us to expand our portfolio of container shipping services.

“Bangladesh has been underserved by direct services and this new agreement will enable us to fill a substantial gap in the market and drive UAE-Bangladesh trade.”

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