AD Ports Group’s SAFEEN Feeders has signed an AED463 million ($126 million) agreement with Invictus Investment to own and operate five dry-bulk vessels, in order to launch a new international dry bulk shipping service.

The two companies will purchase ships through special purpose vehicles owned 85% by SAFEEN Feeders and 15% by Invictus Investment, according to a joint statement to the Abu Dhabi Securities Exchange (ADX). The companies will also form a joint venture to operate the service, owned 51% by Safeen and 49% by Invictus.

Invictus’ dry-bulk trading business currently ships more than three million tonnes of commodities annually - principally wheat and complementary grains.

The joint venture will also extend commercial bulk shipping services to other companies globally, with an initial focus on the Red Sea and Pacific corridors, the Indian sub-continent as well as the Black Sea region. This would give capacity to ship to anywhere in the world within international navigating limits, the statement said.

Invictus registered on ADX in June 2022 and has diversified from wheat trading into complementary grains, as well as cotton, ground nuts, meat and other commodities and finished goods.

(Writing by Imogen Lillywhite; editing by Cleofe Maceda)