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. We understand 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 sulfur from facilities in Ruwais, Abu Dhabi, to global customers.