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.