Safeen Feeders has extended its partnership with Bangladesh-based Saif Powertec, having signed a new containership charter agreement for up to 15 years.
The deal builds on the long-term trade facilitation and shipping tie-up the two parties formed in April to facilitate trade and cargo services from Fujairah to Bangladesh. As part of the collaboration, Safeen Feeders is providing eight supramax bulk carriers.
Under the new agreement, the United Arab Emirates-based shipping arm of AD Ports Group will purchase three boxships for around $102m and charter them to Saif Powertec at pre-agreed rates.
Starting in November 2022, three initial ships of 1,700 teu and up to 2,100 teu capacity each will be deployed on global routes connecting Bangladesh.
Earlier this week, Safeen Feeders also struck a deal with compatriot commodity trader Invictus Investment to launch a new international dry bulk shipping service, with an initial investment of $126m in five ships of varying sizes expected to be deployed within six months.