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- Al Seer Marine's VLGC obtained under an AED 495 million deal by ABGC DMCC.
- The company’s vessel fleet grew from 12 to 20 in twelve months.
Abu Dhabi, UAE: Al Seer Marine (ADX: ASM), a prominent global player across multiple marine sectors and a subsidiary of Abu Dhabi-based International Holding Company (ADX: IHC), has announced the takeover of the very large gas carrier (VLGC) North Gas.
This strategic move marks the second VLGC delivery under the AED 495 million deal signed by ABGC DMCC, a joint venture (JV) between Al Seer Marine and BGN International. The impressive North Gas, with a cargo capacity of 84,326 cubic meters, was built by Hyundai Heavy Industries (HHI) and was recently handed over to ABGC DMCC in Ulsan, Republic of Korea, earlier this month. The vessel has commenced a decade-long charter with BGN International.
Guy Neivens, CEO of Al Seer Marine, said: "Liquid Petroleum Gas is assuming a growing significance in the global energy landscape. Our announced fleet expansion plan is on track as we welcome our second newbuild VLGC, and our foray into the maritime commercial shipping sector stands as a testament to the steadfast backing of our esteemed board members, shareholders.”
The global maritime company currently owns and commercially manages a fleet of 20 ships, all acquired within the last 36 months, which are already outperforming competitors both regionally and internationally. North Gas represents one of five VLGCs to be delivered within the next three years. The company will assume control of six new-build medium range (MR) chemical tankers in the coming 1.5 years.
Al Seer Marine attended the naming ceremony alongside JV partner BGN International, shipbuilder HHI, classification society Lloyd’s Register (LR), and new building project management company SeaQuest.
This strategic expansion solidifies Al Seer Marine’s position as a formidable player in the maritime industry, leveraging its vision and dedication to meet the evolving needs of the market.
About Al Seer Marine:
Al Seer Marine Supplies and Equipment is a publicly listed company in the Abu Dhabi security exchange market (ADX: ASM); established in 2003 and is headquartered in Abu Dhabi, UAE. Al Seer Marine is a leading global marine company headquartered in Abu Dhabi, with a portfolio of services including the management and training, construction of vessels, high-tech boatbuilding, unmanned systems development, and manufacturing. Al Seer Marine employs more than 1,200 people onboard and ashore from more than 50 nationalities.
About International Holding Company
International Holding Company (IHC) was founded in 1998 as part of an initiative to diversify and develop non-oil business sectors in the UAE. IHC has grown into one of the region’s largest conglomerates and the most valuable listed holding company in the Middle East with a market cap of AED 864 billion as of June 30, 2023. The company endeavors to implement sustainability, innovation, and economic diversification initiatives across its operations. IHC is included in FTSE ADX 15 Index (FADX 15), representing the top 15 largest and most liquid companies on the ADX.
IHC has a clear objective of enhancing its portfolio through acquisitions, strategic investments, and business combinations. Comprising 444 subsidiaries and over 126,000 employees, the company seeks to expand and diversify its holdings across a growing number of sectors, including asset management, healthcare, real estate and construction, marine and dredging, IT and communications, financial services, food production and service, utilities, and services. With a core strategy to enhance shareholder value and achieve growth, IHC drives operational synergies and maximizes cost efficiencies across all verticals while continuing to evaluate investment opportunities.
www.ihcuae.com
Media Contacts
| Ahmad Ibrahim | Mary Khamasmieh |
