Al Seer Marine LPG vessel
Al Seer Marine has global aspirations from the three-way alliance it has just struck. Image Credit: Supplied

Dubai: Al Seer Marine in Abu Dhabi has struck a joint venture with the Dutch maritime solutions company Damen Shipyards and Singapore’s DTec Industries.

The alliance will combine the ‘best maritime talent in the industry and help position the UAE as the industry center of excellence’, according to Al Seer Marine. This would translate into selling, building and maintaining ‘high-quality, cost-effective marine vessels in the global markets’.

According to Guy Neivens, CEO of Al Seer Marine, “The sea carries out around 80 per cent of global trade by volume. The global marine vessel market is projected to grow from $170.75 billion in 2021 to $188.57 billion in 2028. The collaboration with Damen Shipyards and DTec aligns well with Al Seer Marine's strategy in becoming a global brand in developing world-class marine vessels.”

Al Seer Marine sees a potential of more than Dh36.7 billion ($10 billion) in current markets in next 10 years.

Founded in 1927, Damen Shipyards provides maritime solutions in design, shipbuilding, ship repair, and related services. DTec Industries, based in Singapore, offers services in industrial participation and finance, primarily in the maritime space.

Back in play with new vessels
In the first two quarters of 2020, the pandemic reduced maritime trade and transport, which impacted demand for new vessels. The global market for new maritime capacities is 'witnessing a recovery in the past 12 months with new shipbuilding contracts'.

“With the current market indicators, we are confident this strategic joint venture will play a key role in Al Seer Marine's growth which will be a great added value to our shareholders," Guy Neivens said.