AD Ports Group’s SAFEEN Feeders will invest AED375 million ($102 million) to acquire three container ships which will be chartered to Bangladesh-based Saif Powertec Limited.

Saif Powertec will charter the vessels at pre-agreed rates for 15 years starting in November 2022, to be deployed on global routes connecting Bangladesh, according to an AD Ports statement.

The long-term charter agreement with Saif Powertec will help gain access to critical assets while providing stable returns on investments to AD Ports Group over a long-term horizon, the statement said.

Earlier on Monday, SAFEEN Feeders said it had signed an AED463 million agreement with Invictus Investment to own and operate five dry-bulk vessels, in order to launch a new international dry bulk shipping service.

(Writing by Brinda Darasha; editing by Cleofe Maceda)