Abu Dhabi’s Al Seer Marine buys 2 LPG vessels for Dh246m

Dubai: Abu Dhabi based Al Seer Marine is picking up two LPG transport vessels worth a combined Dh246 million as it continues on a major fleet expansion programme. This year itself, Al Seer Marine expects to buy ‘up to 15 ships’.

“Growing demand for charters in the product tanker and gas segments has been compounded by recent global geopolitical developments, the company, part of the International Holding Company portfolio, said in a statement.

The two LPG tankers - MT Alcor and MT Alkaid - each have a capacity of 20,700 cubic metres. They are expected to provide an internal rate of return (IRR) of 25 per cent.

The transaction involved a ‘number of international banks, including ING and Bank of America’.

Founded in 2003 and listed on the ADX Growth Market, Al Seer Marine has been expanding its reach in commercial shipping. It also provides vessel construction services, refurbishment, and yacht management to private customers, as well as overseeing public sector vessels contracts.

“Al Seer Marine is able to capitalize on the increasingly favourable fundamentals in global shipping, particularly in the LPG segment,” said Guy Neivens, CEO. “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.”