Al Seer Marine secures 13th acquisition in 12 months with Dh331m gas carrier deal

Al Seer Marine is now home to 15 carriers, valued Dh2.75 billion; The company has acquired a total of five gas carriers and expected to secure two more by first quarter of 2023

Al Seer Marine, the global player across multiple marine sectors and a subsidiary of the International Holding Company (IHC), is rapidly growing its enormous fleet, as well as its presence in the gas market, as it secures its latest gas vessel for Dh331 million. The dynamic company is now home to 15 carriers, worth a total of Dh2.75 billion.

Al Seer Marine partnered with BGN International and placed the order at Kawasaki Heavy Industries, Ltd (KHI), for the 86,700m3 liquefied petroleum gas (LPG) and liquefied ammonia gas (NH3) carrier powered by LPG fuel for ABGC DMCC. ABGC DMCC is a joint venture between the UAE’s world-renowned marine entity and BGN International.

“There is a huge demand for gas vessels, especially as global energy demand is forecast to rise by 8-10 per cent over the next five years mainly driven by increase in Asian and African demand. Al Seer Marine’s latest acquisition of this carrier reinforces our strategy to ensure the company stands at the forefront of the global marine sector,” said Guy Neivens, CEO of Al Seer Marine.

This is the third Very Large Gas carrier (VLGC) for ABGC DMCC. The vessel is designed to carry LPG and NH3, which increases her trading flexibility. The advantage of the dual-purpose vessel is its capability to simultaneously carry LPG, which is already used as a low-carbon energy source, and NH3, a new fuel contributing to the establishment of a decarbonised society. Another feature is the greater capacity of the cargo tanks as compared to conventional carriers, which was achieved without significantly changing the vessel’s length, breadth, or other main specifications.

“We are currently exploring the opportunity of acquiring two additional gas vessels in the next six months and are proactively ensuring our portfolio of services continues to expand in various crucial industries,” added Neivens.

In addition, the vessel is equipped with a shaft generator that converts the rotational energy of the main engine into electric power, which further reduces the fuel consumption under the normal sea-going condition.

To meet environmental standards being tightened globally, and to implement action plans set forth in the Sustainable Development Goals (SDGs) adopted by the United Nations and other initiatives, the vessel meets environmental standards, as an eco-friendly marine technology that contributes to the establishment of a low carbon/decarbonized society.

— business@khaleejtimes.com