Safeen Feeders signs flight charter agreement with Saif Powertec

AD Ports Group’s Safeen Feeders and Saif Powertec Limited have signed a charter agreement whereby Safeen Feeders will purchase and charter three containerships to support the Bangladesh-based entity’s expansion into the container shipping sector.

Under the terms of the agreement, Safeen Feeders will charter an initial three vessels from Saif Powertec at pre-agreed rates for a period of 15 years, commencing in November 2022, for deployment on global routes linking Bangladesh.

Safeen Feeders will invest around AED375 million ($102 million) in the vessels.

The long-term charter agreement with Saif Powertec will help them acquire key assets while providing AD Ports Group with a long-term stable return on investment.

Captain Ammar Mubarak Al Shaiba, Acting Chief Executive Officer, AD Ports Group Maritime Cluster and Safeen Group, said: “Under our wise leadership, AD Ports Group will continue to support the opening of new shipping routes to stimulate global trade and drive new economic opportunities. Leveraging the expertise of Safeen Feeders as a leading marine services provider, the containership charter agreement with Saif Powertec will help meet the growing demand for container shipping on the Bangladesh route.

“We have protocols in place to reduce the risk of market volatility and ensure a positive return on our investment in these vessels.”

Tarafder MD Ruhul Amin, Managing Director of Saif Powertec, said: “We are delighted to extend our ongoing partnership with AD Ports Group’s Safeen Feeders through this new charter agreement, which will allow us to expand our portfolio of container shipping services. Bangladesh is underserved by direct services and this new agreement will allow us to fill a huge gap in the market and boost UAE-Bangladesh trade.

“The original intention was to charter three vessels, each offering a capacity of 1,700-2,100 TEU, which will allow Saif Powertec to achieve substantial returns on this route and provide real benefits to our customers.”

In April 2022, Safeen Feeders signed another long-term trade facilitation and shipping agreement with Saif Powertec Limited to facilitate trade and freight services from Fujairah to Bangladesh over 15 years. As part of the partnership, Safeen Feeders will supply eight Supramax vessels with a deadweight tonnage (DWT) of 55,000. –arab trade news agency