Al Seer Marine
Al Seer Marine wants to kickstart a major expansion of its fleet by adding a further 15 vessels this year itself. Image Credit: Supplied

Dubai: Abu Dhabi’s Al Seer Marine has finalized a Dh495 million financing for the building of two VLGCs (Very Large Gas Carriers) with Abu Dhabi Islamic Bank. The deal was entered into by AGBC DMCC, a joint venture firm featuring Al Seer Marine and BGN International, which is a leading energy, trading, transportation and storage company.

The financing strengthens ‘long-term liquidity’ and boost return on investment, according to Al Seer Marine’s CEO, Guy Nelvens. “This is an excellent result and leaves us well-positioned for our next set of acquisitions. We are aiming to increase our fleet by acquiring a further 15 ships this year and having demonstrated consistent success in executing on attractive opportunities, we will seek out the right structure and financing to ensure the best equity returns for our shareholders, all the while managing the associated risk.”

Al Seer Marine is a subsidiary of International Holding Company.

Delivery in two years

The orders are with Hyundai Heavy Industries in South Korea. The first VLGC, ‘Lucky Gas’, is expected to be completed and delivered by March 2023. The second VLGC, named ‘North Gas’, is expected to be 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.

New business

Earlier this year, Al Seer Marine launched an additive manufacturing unit, leveraging the technologies for the 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 demand regionally and globally.