Adnoc acquires its third ultramax bulk carrier of the year
The acquisition of new vessels raises the company's bulk cargo tonnage capacity by 214,000 tonnes
Abu Dhabi National Oil Company’s maritime subsidiary acquired an ultramax bulk carrier, Al Karama, making it the third such vessel to join its fleet this year.
Al Karama, which has a deadweight of 64,000 metric tonnes was built in 2019 and will be deployed “immediately” on key trading routes, Adnoc Logistics and Services said in a statement.
The vessel will be used to transport sulphur from Abu Dhabi’s downstream facilities in Ruwais to global customers.
Adnoc is one of the world’s largest producers of sulphur due to its significant reserves of sour gas, which after processing, yields the yellowish chemical as a byproduct.
"The vessels will increase Adnoc L&S’s regional presence and will allow us to explore more cargo options outside the UAE market,” said the subsidiary’s chief executive, Captain Abdulkareem Al Masabi.
Al Karama joins two other vessels, Al Dhafra and Al Wathba, which deliver products to honour a long-term agreement to supply sulphur to OCP Morocco.
The agreement, signed in 2017, provides granulated sulphur until 2025 to OCP Morocco. The Moroccan phosphate producer is the world's largest importer of the chemical.
The main catalyst behind the growth in volumes has been Adnoc's commissioning of the sulphurous Shah development in 2015, which has resulted in surplus production of the chemical that has uses in agriculture and industry.
Adnoc also acquired MV Ghantout, a smaller bulk carrier with capacity of 23,000 tonnes, this year. The vessel operates between Adnoc’s Ruwais terminal and Jebel Ali and Khalifa Ports, supplying calcined petcoke as part of an agreement with Emirates Global Aluminium.
The acquisition of these vessels raises Adnoc L&S’s bulk cargo tonnage by 214,000 tonnes and will allow the company "to deliver more backhaul bulk cargoes in the open market”.
Updated: November 12, 2020 05:02 PM