Abu Dhabi's Al Seer Marine targets $100m from dry bulk cargo push

Dubai: Abu Dhabi’s Al Seer Marine is seeking to take full advantage of demand for dry bulk cargoes through a deal with Singapore’s Netbulk.

The collaboration is expected to provide freight services to 5 million tonnes of dry bulk cargoes in one year, with an expected turnover of $100 million.

According to Guy Neivens, CEO of Al Seer Marine, said: “Analysis of market trends show that the global dry bulk trade is growing, driving up demand for cargo freight services. By amplifying our network in Singapore in collaboration with Netbulk, Al Seer Marine continues to execute on our long-term cargo strategy through key regional initiatives while also securing control of commercial ships as we overcome supply chain challenges.”

Al Seer Marine and Netbulk will focus on the Middle East and Asia-Pacific routes, with the assurance to clients that this can overcome any supply chain issues they have had in the recent past. The companies will have 10 ‘commercially controlled’ ships.

Dry bulk cargo came into extra prominence after the global shipping industry and clients faced an acute shortage in available containers. Shippers then resorted to increased deployment of dry bulk cargo movements to offset this. Demand, as is made out by the Al Seer plan, continues.

Al Seer Marine – which reported Dh883 million in profit for the second quarter – aims to increase its fleet and be the largest in the MEA. Expansion initiatives would extend to product and gas tankers, as well as in dry bulk shipping sectors, with short-term plans of acquiring 10 to 15 ships. The ADX-listed entity is part of International Holding Co..