Abu Dhabi's Al Seer Marine sets up tanker JV, secures $57mln ADCB term loan
Abu Dhabi's Al Seer Marine, a subsidiary of International Holding Company (IHC), has set up a joint venture (JV) with B International Shipping & Logistics that will own and operate liquefied petroleum gas (LPG) and product tankers.
The JV, ASBI Shipping, acquired two LPG tankers backed by a 10-year charter with BGN INT DMCC, a subsidiary of BGN, in a deal that guarantees 660 million dirhams ($180 million) in revenue through 2035, the ADX-listed shipper said.
Abu Dhabi Commercial Bank (ADCB) has provided AED 210 million in senior secured term financing with a seven-year tenor, secured against the vessels and their cash flows.
Al Seer Marine's portfolio includes commercial shipping, yachting, boat building, unmanned vessel platforms and capabilities, and cutting-edge technological innovations.
(Writing by Brinda Darasha; editing by Seban Scaria)
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