In the presence of His Highness Shaikh Nasser bin Hamad Al Khalifa, His Majesty’s Representative for Humanitarian Works and Youth Affairs, Kingdom of Bahrain, Chairman of Bapco Energies, AD Ports Group (ADX: ADPORTS), a leading facilitator of global trade, logistics, and industry , signed three Heads of Terms (HoTs) with the Arab Shipbuilding & Repair Yard Company (ASRY), the Arabian Gulf's leading maritime repair and fabrication facility, for the provision of marine services in Bahrain to collaborate on strategic maritime and ports projects.
These new agreements follow the successful establishment of ASRY Marine, a joint venture between Noatum Maritime, part of AD Ports Group’s Maritime & Shipping Cluster, and ASRY, focused on providing integrated marine services in Bahrain.
The first Head of Terms (HoT) pertains to a Joint Venture (JV) to manage drydock facilities and shipyards. The JV 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, an India-based well-established business specialising in marine services, ports, logistics, and technology. This agreement focuses on creating green ship recycling facilities 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. JM BAXI is actively involved in promoting and implementing sustainable practices in this area and supports the implementation of the Hong Kong Convention (HKC), a global standard for responsible ship recycling.
The final HoT signed by AD Ports Group and ASRY relates to exploring joint investment opportunities within ports and terminals. Through the creation of a collaborative framework and a working group the parties will draw on their joint expertise to identify prospective areas of development.
Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports Group, said: “Following the successful formation of our recent joint venture with ASRY, we look forward to deepening our collaboration across the maritime realm. 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.”
Dr. Ahmed Al Abri, CEO – ASRY said: "We are proud to enhance and expand our strategic partnership with AD Ports Group through these new agreements. By combining our shared expertise and advanced infrastructure, and in line with global shifts in the maritime industry, we aim to strengthen our 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. These initiatives reflect our ongoing commitment to a culture of innovation, operational excellence, and driving growth in the maritime sector."
The new areas of cooperation strengthen both parties’ maritime capabilities and reach, while the focus on green ship recycling highlights a commitment to sustainability and environmental responsibility, driving innovation and industry growth.
