Dry CargoMiddle East

ADNOC Logistics & Services acquires ultramax bulker

ADNOC Logistics & Services has announced the acquisition of an ultramax bulk carrier, following the acquisition of two ultramax bulkers earlier this year.

The 2019-built 64,000 dwt vessel has been renamed Al Karama. Splash understands the vessel is Isabella Manx, acquired from MX Bulk Management. The price of the ship in the deal is $25.8m, significantly higher than VesselsValue’s valuation of $21.7m.

The vessel will immediately be deployed on ADNOC’s key trading routes, including the transport of sulphur from facilities in Ruwais, Abu Dhabi, to global customers. 

“The addition of these modern bulk carriers to our fleet is a key milestone in the delivery our growth plans. The vessels will increase ADNOC L&S’ regional presence and will enable allow us to explore more cargo options outside the UAE market,” said Abdulkareem Al Masabi, CEO of ADNOC L&S.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
Back to top button