UAE’s AD Ports plans c. AED 1 bn fleet expansion:AD Ports plans to purchase five bulk carriers and three crude oil tankers for a total of AED 955 mn, the company said in a press release. The purchases will serve its partnerships with Bangladeshi port operator Saif Powertecand maritime shipping firmKazMorTransFlot (KMFT). The timeline for the acquisition of the carriers was not disclosed.

The details: AD Ports Group is planning to buy five bulk carriers worth AED 459 mn with the purpose of moving general and dry bulk cargo between Fujairah port in the UAE and Bangladesh as part of a long-term agreement with Saif Powertec. The other purchasing agreement will see it buy three oil tankers worth AED 496 mn, which will go towards the group’s operations with KMFT.

What they said:“The vessel acquisitions are part of a larger expansion strategy by our group aimed at broadening our portfolio of services and taking our experience and service excellence to the wider bulk shipping and offshore oil markets,” said Mohamed Juma Al Shamisi, the group’s Managing Director and CEO.

Background: AD Ports had earlier formed a joint venture with KazMunayGas, and the two had discussed a potential purchase of a tanker fleet to serve the Caspian Sea to support the exports of Kazakh oil. Their agreement with Saif Powertec, which it implemented through its feeder service SAFEEN Feeders, will see the two companies collaborate to facilitate global cargo services for a period of 15 years.

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