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AD Ports Group’s Safeen Feeders unveils dry bulk shipping service with Invictus

The agreement includes the acquisition of ships through special purpose vehicles.

The two companies will initially invest $126m in new vessels

AD Ports Group’s SAFEEN Feeders has entered a strategic agreement with Invictus Investment to own and operate five dry-bulk vessels in a bid to introduce an international dry bulk shipping service.

The entities will acquire the ships together through special purpose vehicles, which will be owned by SAFEEN Feeders and Invictus Investment with stakes of 85% and 15%, respectively.

The firms will initially spend $126m (AED463m) on the new vessels, which will vary in size.

Starting in September, the vessels are anticipated to enter service within six months. Plans are also underway for future growth plans and additional vessels.

The companies will also create a joint venture (JV) to operate the international dry bulk shipping service.

SAFEEN Feeders will own a 51% stake in the JV while the remaining 49% interest will be held by Invictus Investment.

With an initial focus on the Red Sea and Pacific corridors, as well as the Indian sub-continent and the Black Sea region, the JV will also offer its commercial bulk shipping services to other companies across the globe.

As part of the JV agreement, Invictus Investment will commercially run the vessels and add its large existing trading volumes to the programme.

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AD Ports Group managing director and group CEO Captian Mohamed Juma Al Shamisi said: “Under the guidance of our wise leadership, AD Ports Group continues to invest in new initiatives that stimulate economic diversification and support the recovery of international trade.”

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Amir Abdellatif, Chief Executive Officer of Invictus Investment Company, said: “Invictus Investment has rapidly developed into a multi-continent operational reach to support trade of a wide variety of commodities, agro-foods, and finished goods.

This agreement with AD Ports Group ensures our commitment to investing in businesses that add synergies and value to our expanding trading business, and in building strong strategic partnerships.

It is further aligned with our focus on investing in fixed assets to strengthen our logistics capacity. This will enable us to not only enhance efficiency in our operations, but will also support us as joint venture partners to grow together as a new international shipping service.”

SAFEEN Feeders will invest around $102m (AED375m) to buy the vessels, which will be chartered to Saif Powertec at pre-agreed rates for 15 years.

Starting in November, these vessels will operate on global routes to and from Bangladesh.

AD Ports Group’s SAFEEN Feeders Signs Long-Term Charter Agreement with Saif Powertec

AD-Ports-Group-SAFEEN-Feeders-Signs-Long-Term-Charter-Agreement-with-Saif-Powertec

On the other hand AD Ports Group’s SAFEEN Feeders and Saif Powertec Limited have signed a charter agreement that will see SAFEEN Feeders purchase and charter out three containerships, to support expansion of the Bangladesh-based entity into the container shipping segment.

Under the terms of the agreement, SAFEEN Feeders will charter an initial three vessels to Saif Powertec at pre-agreed rates for a duration of 15 years, starting in November 2022 to be deployed on global routes connecting Bangladesh.

SAFEEN Feeders will invest approximately AED 375 million (USD 102 million) to purchase the vessels.

The long-term charter agreement with Saif Powertec will help them gain access to critical assets while providing stable returns on investments to AD Ports Group over a long-term horizon.

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Tarafder MD Ruhul Amin, Managing Director of Saif Powertec, said: “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.

“The intention is to charter three vessels at the outset, offering 1,700–2,100 TEU capacity each, which will enable Saif Powertec to realise significant returns on this route and deliver real benefits for our customers.”

In April 2022, SAFEEN Feeders signed another long-term trade facilitation and shipping agreement with Saif Powertec Limited to facilitate trade and cargo services from Fujairah to Bangladesh over a period of 15 years. As part of the collaboration, SAFEEN Feeders is providing eight Supramax bulk carriers with 55,000 Deadweight Tonnage (DWT) capacity.

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