Home ›› 27 Sep 2022 ›› Stock
Saif Powertec Limited, a publicly traded company, has signed a new deal with Abu Dhabi-based container feeder company Safeen Feeders to operate three vessels from abroad for over 15 years.
With this contract, Saif Powertec has formally become the first local firm to operate shipping and logistics operations from abroad.
Under this agreement, the two companies would collaborate to facilitate trade and cargo services between Dubai and Bangladesh as well as other international routes, according to a filing posted on the website of the Dhaka Stock Exchange (DSE) Monday.
The Bangladeshi shipping and logistics sector company will operate the three container feeder vessels, each of which is owned by Safeen Feeders of AD Ports Group, the DSE filing read.
The vessels will be used on a bareboat or time charter basis by Saif for carrying containers from the UAE to Bangladesh and other possible international routes. According to the disclosure, the estimated cargo freight sales revenue per vessel would be $20 million annually, which is equivalent to Tk 200 crore, and the net profit would be $2.50 million, equivalent to Tk 25 crore.
The contract was signed between Safeen Feeder Company, which is solely owned by Abu Dhabi Ports Company, and Saif Maritime LLC, a cent per cent subsidiary of Saif Powertec.
Earlier in March this year, Saif Powertec had signed long-term trade facilitation and shipping agreement with Abu Dhabi-based container feeder company Safeen Feeders to operate cargoes.
As part of the collaboration, Safeen Feeders is expected to provide eight Supramax bulk carriers with a capacity of 55,000 deadweight tonnes (DWT) to Saif Powertec.
The vessels would carry dry bulk cargoes from Fujairah port in the UAE to Chattogram port for Saif Powertec, said the company in a previously issued filing with the DSE.
Saif Powertec posted a Tk 62.63 crore net profit for the fiscal year 2020-21, which was 61.37 per cent higher than that of the previous year.
The company was registered and transformed into a private limited company back in 2003. Earlier, it was known as Saif Powertec Corporation.
The company operates business in the areas of importing, trading, assembling, and installing generators, sub-stations, electrical equipment, and grid lines, and installation and erection of power plants.
It also acts as a berth or terminal operator of the Chittagong Container Terminal (CCT) and the New Mooring Container Terminal (NCT) under contract with the Chittagong Port Authority (CPA).
