TK Group, a key player in Bangladesh’s consumer goods and industrial sectors, has entered the shipping industry to transport its own edible oil imports. Through its subsidiary, Samuda Shipping Limited, the conglomerate acquired a vessel, MT Samuda, for Tk157 crore, capable of carrying 24,025 tonnes of oil. This strategic move aims to reduce the group’s $32 million annual shipping costs for the 800,000 tonnes of edible oil it imports each year.
To fully transport its imports, TK Group plans to purchase three additional tankers. The managing director of Samuda Shipping, highlighted that MT Samuda has already imported 44,000 tonnes of palm oil, covering 25% of their transport needs. The Flag Protection Act of 2019, which favors Bangladeshi-flagged vessels, has spurred domestic investments in the shipping sector, with the number of domestically owned ships rising significantly.