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Al Seer Marine acquires LPG tankers valued at AED 246m to meet fast-growing global demand

May 27, 2022
  • Charter of vessels expected to deliver IRR of 25%
  • Completion of acquisition through close cooperation with multiple international banks including ING and Bank of America

Abu Dhabi, UAE; 27 May 2022: Al Seer Marine PJSC (ASM), a global player across multiple marine sectors and a subsidiary of International Holding Company (IHC), has acquired two vessels, valued at a combined AED 246 million, to meet rapidly growing demand for transportation of liquified petroleum gas (LPG).

Al Seer Marine, which is pursuing an expansion strategy to become a major world leader in commercial shipping, has targeted the acquisition of up to 15 ships in 2022. Growing demand for charters in the product tanker and gas segments has been compounded by recent global geopolitical developments.

In its latest transaction, Al Seer Marine has purchased LPG tankers, MT Alcor and MT Alkaid, each with a capacity of 20,700 cubic metres. The vessels are expected to provide an internal rate of return (IRR) of 25%.

Guy Neivens, Chief Executive Officer of Al Seer Marine, said: “Due to its strong operating and financial position, Al Seer Marine is able to capitalize on the increasingly favourable fundamentals in global shipping, particularly in the LPG segment. The company is developing a robust pipeline of clients and is moving rapidly to meet fast-growing demand for charters. These transactions are building significant scale in our operations and providing attractive returns to the company and its shareholders.”

These ships were acquired through close cooperation with a number of international banks, including ING and Bank of America.

Founded in 2003 and listed on the ADX Growth Market (Abu Dhabi Securities Exchange), Al Seer Marine is already a leader in marine services in the region, and has been expanding rapidly in the commercial shipping segment. The company also provides vessel construction services, refurbishment, and yacht management to private customers, as well as fulfilling public sector vessels contracts.