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...
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