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Al Seer Marine commenced construction of its first VLGC; delivery expected March 2023

April 11, 2022
  • Al Seer Marine ordered two new VLGC’s from Hyundai Heavy Industries for delivery in H1 2023 to meet increasing market growth demand
  • The company is exploring expansion initiatives to acquire 10-15 ships in 2022 with further growth projections in response to changing market fundamentals and increasing ton-mile demand in product tanker and gas segments
  • JV with BGN International to facilitate expansion into commercial shipping in line with strong growth of ton-mile demand

Abu Dhabi, UAE; 11 April 2022: Al Seer Marine PJSC (ASM), a global player across multiple marine sectors and a subsidiary of International Holding Company (IHC), performed the steel cutting ceremony for its first Very Large Gas Carrier (VLGC), named Lucky Gas.

Al Seer Marine formed a joint venture last year, named ABGC DMCC, with BGN International, one of the world’s leading energy, trading, storage and transportation companies, to build two new VLGC’s. It awarded the contract to Hyundai Heavy Industries in Korea. This follows a projected boost in the VLGC segment with growing liquified petroleum gas (LPG) trade relationships between multiple regions, including the Middle East and Asia, Western Africa and Europe, and the United States.

This marks the first steel cutting for Lucky Gas, which is expected to be completed and delivered by March 2023. The second VLGC, named North Gas, is expected to commence steel cutting in May 2022 and be completed and delivered by June 2023. Both ships are sized at 86,000 cubic meters capacity and the propulsion machinery of each ship will be LPG fueled, making them environmentally friendly with less emissions.

Guy Neivens, Chief Executive Officer of Al Seer Marine, said: “This is an exciting moment for Al Seer Marine and our partners, BGN International, as it demonstrates our commitment to global decarbonization initiatives in our pursuit to becoming a modern, world-leading commercial shipping company. The accelerating rise in demand for oil products and gas, in a tight energy market, has resulted in exploring fleet expansion initiatives to strategically access broader opportunities within commercial shipping.”

The company aims to increase its fleet up to 20 ships and is analyzing expansion initiatives in product tankers, gas tankers, and dry bulk shipping sectors, with short-term plans of acquiring 10 to 15 ships in 2022.

Earlier in the year, Al Seer Marine launched its additive manufacturing business unit, leveraging the latest additive manufacturing technologies for the company’s in-house manufacturing of unmanned vessels and vehicles. The business unit will also develop large-scale additive manufacturing (LSAM) products and parts that are in high-demand regionally and globally.