Emsteel and Oldendorff Carriers announced the signing of a new five-year freight agreement which will see the dry bulk shipping company carry iron ore pellets to the UAE steel manufacturer from multiple sources.
Emsteel said the contract has a value of around AED600m ($163m) over its five year term, and relates to the transportation of an estimated 5.2m tonnes of iron ore pellets annually. The signing marks the renewal of a relationship between Emsteel and OIdendorff Carriers that spans over 20 years.
Patrick Hutchins, CEO of Oldendorff Carriers, said: “We are proud to continue this long-standing partnership with Emsteel. The collaboration between our teams over the years has been built on trust and transparency, and we look forward to further strengthening our cooperation in the years ahead.”
Eng. Saeed Ghumran Al Remeithi, group CEO at Emsteel, said: “The agreement ensures the steady and efficient flow of our raw materials, supporting our ability to produce the steel that underpins the region’s infrastructure, industrial development, and sustainable growth.”
Oldendorff has a fleet of 780 bulk carriers, including 105 owned and bareboard-chartered vessels and 675 on time charter.
Abu Dhabi-headquartered, Emsteel produces around 3.5m tonnes of steel and 4.6m tonnes of cement per year from its 14 plants.
