TK Group, a prominent conglomerate in Bangladesh’s consumer goods and industrial sectors, has embarked on a significant initiative to transport its edible oil imports using its own vessels.
As part of this plan, Samuda Shipping Limited, a subsidiary of TK Group, acquired a vessel named MT Samuda earlier this year for Tk157 crore. This ship, with a capacity of 24,025 tonnes and a crew of 40, can handle about 25% of the group’s annual edible oil imports, which amount to eight lakh tonnes.
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Currently, TK Group spends $32 million annually on edible oil transportation at $40 per tonne. To fully meet its transport needs, the group plans to purchase three more tankers of similar capacity, aiming to use its own fleet entirely.
Mustafa Haider, managing director of Samuda Shipping, stated that the company has already imported 44,000 tonnes of palm oil from Indonesia on two trips with MT Samuda, saving $176,000 in freight charges.
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In addition to edible oil, TK Group relies on charter vessels for importing other consumer goods and raw materials. The Flag Protection Act of 2019 has bolstered the domestic shipping sector by giving preference to Bangladeshi flag vessels and resolving ship registration issues. This law has encouraged local investment and increased the number of domestically owned ships to 100 as of June 2024.
TK Group, founded in 1972 by two brothers from Chattogram, now operates over 30 companies in diverse sectors and employs more than 50,000 people. With an annual turnover exceeding Tk18,000 crore, the group is poised for further expansion in the shipping sector.
