AD Ports Group signed three Heads of Terms (HoTs) with the Arab Shipbuilding & Repair Yard Company (ASRY) for the provision of marine services in Bahrain to collaborate on strategic maritime and ports projects, including ship recycling.
As stated, the first Head of Terms (HoT) pertains to a joint venture to manage drydock facilities and shipyards. The venture aims to leverage the capabilities and facilities of each party through their established businesses in this sector. This agreement seeks to enhance drydocking and shipbuilding capabilities within the GCC and explore opportunities in other regions.
Additionally, both parties signed a second HoT with a third party, JM Baxi, focusing on creating green ship recycling facilities aiming to promote a circular economy by repurposing parts and minimising waste, thereby reducing carbon emissions. Green recycling in the shipping industry involves the environmentally responsible dismantling and repurposing of ships, contributing to resource conservation and pollution reduction.
As stated, JM BAXI is actively involved in promoting and implementing sustainable practices in this area and supports the implementation of the Hong Kong Convention (HKC).
The final HoT signed by AD Ports Group and ASRY relates to exploring joint investment opportunities within ports and terminals.
We have already developed strong working ties, and this agreement opens the door to create more value and growth across our operations. Exploring opportunities to establish green ship recycling facilities is also very important for us, ensuring that vessels are retired in a safe and environmentally responsible manner.
…said Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group.
Dr. Ahmed Al Abri, CEO, ASRY, also commented that by combining shared expertise and advanced infrastructure and in line with global shifts in the maritime industry, the aim is to strengthen both parties’ capabilities in drydocking and shipbuilding across the GCC and beyond.
We also look forward to developing green ship recycling capacities and entering a vital new field in port management and operation.
…said Dr. Ahmed Al Abri.
