Abu Dhabi - Mubasher: Safeen Feeders, a wholly owned subsidiary of AD Ports Group, has signed an agreement with Bangladesh-based Saif Powertec Limited to purchase three vessels for AED 375 million ($102 million).
The 15-year deal aims to support the expansion of the Bangladesh-based entity into the container shipping sector, according to a bourse filing on Monday.
Under the long-term agreement, Safeen Feeders will charter out initial three containerships to Saif Powertec next November to be deployed on global routes connecting Bangladesh.
The ADX-listed firm noted that the partnership with Saif Powertec will enable them to access critical assets while providing stable returns on investments to AD Ports over a long-term horizon.
Ammar Mubarak Al Shaiba, Acting CEO of AD Ports’ Maritime Cluster and SAFEEN Group, said: “We have structured the agreement to reduce exposure to market volatility and ensure a positive return on our investment in these vessels.”
Tarafder Ruhul Amin, Managing Director of Saif Powertec, commented: “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.”
Amin added: “The intention is to charter three vessels at the outset, offering 1,700–2,100 [twenty-foot equivalent unit] TEU capacity each, which will enable Saif Powertec to realise significant returns on this route and deliver real benefits for our customers.”
During the first six months (6M) of 2022, the net profits attributable to the owners of AD Ports widened to AED 602.69 million from AED 402.70 million in the year-ago period.
