Latest news with #AlSeerMarine
Trade Arabia
3 days ago
- Business
- Trade Arabia
Al Seer Marine, B International Logistics launch new shipping JV
Al Seer Marine, a global maritime organization headquartered in Abu Dhabi, said it has partnered with B International Shipping & Logistics, an affiliate of top Geneva-based energy trader BGN, to launch a joint venture 'ASBI Shipping FZCO.' This new joint venture will own and operate mid-sized liquefied petroleum gas (LPG) and product tankers, strengthening regional and global LPG logistics. ASBI Shipping had acquired two 22,000 cbm semi-refrigerated LPG tankers (Alkaid and Alcor) which are backed by a 10-year charter with BGN INT DMCC, a subsidiary of BGN that trades over 50 million metric tonnes of commodities annually. The deal guarantees AED660 million (US$180 million) in revenue through 2035. On the deal, Al Seer Marine CEO Guy Neivens said: "The global energy landscape is evolving rapidly, reshaping how countries manage their supply chains. Ensuring diversified and resilient access to critical commodities has become a strategic priority." "This transformation is driving increased demand for smaller, more flexible LPG vessels that can efficiently serve regional hubs and infrastructure-constrained ports," he stated. "To address this opportunity, we established ASBI Shipping FZCO as a joint venture with B International Shipping & Logistics. This reflects our strategy to pursue platform-based growth — enabling us to scale efficiently, extend our reach into niche segments, and partner with financial and operational stakeholders to respond more effectively to shifting market conditions," he added. Abu Dhabi Commercial Bank (ADCB) provided AED210 million ($57.2 million) in senior secured term financing with a seven-year tenor. The facility is secured against the vessels and their cashflows, reflecting confidence in ASBI's commercial viability. Rüya Bayegan, BGN group CEO said: "Our charter with ASBI aligns with BGN's focus on securing transition fuel supply chains. Smaller vessels are indispensable for ports lacking VLGC infrastructure, and we anticipate further collaborations." Mid-size vessels like Alkaid and Alcor are critical for servicing emerging hubs in Africa, South Asia, and Southeast Asia, where 30 percent of LPG shipments now rely on sub-30,000 cbm carriers. Featuring, semi-refrigerated systems, and high-standard safety features, Alkaid and Alcor are well suited to transport propane, butane, ammonia, and other petrochemical cargoes. ASBI Shipping plans to expand its fleet to meet this growing demand for flexible mid-size carriers in these vital markets. Ozan Turgut, B International Shipping & Logistics Director, said, "With over 38 vessels under management, we bring decades of gas carrier expertise to this JV. These vessels are tailored for fragmented markets, where demand for flexible tonnage has surged 10 percent year-on-year in Southeast Asia alone." "We see this as a unique market window and intend to grow ASBI's fleet to meet regional demand and become a global leader in this specialised segment," he noted. By partnering with technical operators and financial institutions, Al Seer Marine continues to implement a capital-efficient expansion model that balances growth, income stability, and long-term asset value.
Arabian Business
3 days ago
- Business
- Arabian Business
Al Seer Marine targets smaller LPG vessels market with new JV
Al Seer Marine, a subsidiary of IHC, has launched 'ASBI Shipping FZCO', a joint venture with B International Shipping & Logistics, an affiliate of top energy trader BGN. This new joint venture will own and operate mid-sized liquefied petroleum gas (LPG) and product tankers. It has already acquired two 22,000cbm semi-refrigerated LPG tankers (Alkaid and Alcor), which are backed by a 10-year charter with BGN INT DMCC, a subsidiary of BGN that trades 50+ million metric tonnes of commodities annually. Expanding LPG shipping ventures The deal guarantees AED660 million (US$180 million) in revenue through 2035. Abu Dhabi Commercial Bank (ADCB) provided AED210 million (US$57.2 million) in senior secured term financing with a seven-year tenor for the vessel purchase. The facility is secured against the vessels and their cashflows, reflecting confidence in ASBI's commercial viability. Guy Neivens, CEO of Al Seer Marine, commented: 'The global energy landscape is evolving rapidly, reshaping how countries manage their supply chains. Ensuring diversified and resilient access to critical commodities has become a strategic priority. This transformation is driving increased demand for smaller, more flexible LPG vessels that can efficiently serve regional hubs and infrastructure-constrained ports. 'To address this opportunity, we established ASBI Shipping FZCO as a joint venture with B International Shipping & Logistics. This reflects our strategy to pursue platform-based growth – enabling us to scale efficiently, extend our reach into niche segments, and partner with financial and operational stakeholders to respond more effectively to shifting market conditions.' Mid-size vessels like Alkaid and Alcor are critical for servicing emerging hubs in Africa, South Asia, and Southeast Asia, where 30 per cent of LPG shipments now rely on sub-30,000cbm carriers. Featuring semi-refrigerated systems and high-standard safety features, Alkaid and Alcor are well suited to transport propane, butane, ammonia, and other petrochemical cargoes. Rüya Bayegan, CEO, BGN Group, added: 'Our charter with ASBI aligns with BGN's focus on securing transition fuel supply chains. Smaller vessels are indispensable for ports lacking VLGC infrastructure, and we anticipate further collaborations.' ASBI Shipping plans to expand its fleet to meet this growing demand for flexible mid-size carriers and Ozan Turgut, B International Shipping & Logistics Director, said: 'With 38+ vessels under management, we bring decades of gas carrier expertise to this JV. These vessels are tailored for fragmented markets, where demand for flexible tonnage has surged 10 per cent year-on-year in Southeast Asia alone. 'We see this as a unique market window and intend to grow ASBI's fleet to meet regional demand and become a global leader in this specialised segment.'
Al Etihad
3 days ago
- Business
- Al Etihad
Al Seer Marine and BGN affiliate launch JV to meet growing LPG demand
2 June 2025 10:09 ABU DHABI (ALETIHAD)Al Seer Marine, a subsidiary of International Holding Company (IHC), has announced the launch of a joint venture (JV) with B International Shipping & Logistics—an affiliate of energy trader BGN — to strengthen its footprint in the liquefied petroleum gas (LPG) logistics Seer Marine, a listed company on the Abu Dhabi Securities Exchange (ADX) with a market cap of Dh3.55 billion, posted a statement announcing the JV on the ADX's website. The new joint venture, named ASBI Shipping FZCO, aims to own and operate mid-sized LPG and product tankers, targeting growing demand in regional and infrastructure-constrained part of its initial operations, ASBI has acquired two 22,000 cbm semi-refrigerated LPG tankers, Alkaid and Alcor. The vessels are backed by a 10-year charter agreement with BGN INT DMCC, a subsidiary of BGN that trades over 50 million metric tonnes of commodities annually. The deal is expected to generate Dh660 million ($180 million) in revenue through on the partnership, Guy Neivens, CEO of Al Seer Marine, said, 'The global energy landscape is evolving rapidly, reshaping how countries manage their supply chains. This transformation is driving increased demand for smaller, more flexible LPG vessels that can efficiently serve regional hubs and infrastructure-constrained ports.'To support the vessel acquisition, Abu Dhabi Commercial Bank has extended Dh210 million ($57.2 million) in senior secured term financing. The seven-year facility is secured by the vessels and their associated cash flows, underlining institutional confidence in the JV's commercial to Rüya Bayegan, CEO of BGN Group,'Our charter with ASBI aligns with BGN's focus on securing transition fuel supply chains. Smaller vessels are indispensable for ports lacking VLGC infrastructure.'The vessels, equipped with semi-refrigerated systems and high-standard safety features, are designed for carrying propane, butane, ammonia, and other petrochemical cargoes. These mid-size carriers are particularly suited to serve emerging hubs across Africa, South Asia, and Southeast Asia, where 30% of LPG shipments now rely on sub-30,000 cbm Turgut, Director at B International Shipping & Logistics, highlighted the demand outlook, 'We see this as a unique market window and intend to grow ASBI's fleet to meet regional demand and become a global leader in this specialised segment.' The formation of ASBI Shipping reflects Al Seer Marine's capital-efficient expansion model, aimed at scaling through partnerships and capturing market share in high-demand maritime sectors.
Zawya
3 days ago
- Business
- Zawya
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)
Al Etihad
20-05-2025
- Business
- Al Etihad
Al Seer Marine awarded Dh47.6 million contract to deliver high-speed interceptor vessels
20 May 2025 13:48 ABU DHABI (WAM)Al Seer Marine (ASM), a frontrunner in advanced maritime solutions and a subsidiary of International Holding Company (IHC), has secured a production agreement valued at Dh47.6 million to deliver high-speed interceptor vessels to Albwardy Damen (Damen Shipyards Sharjah – DSSh).Delivery will span 42 months, with the units slated for integration into offshore patrol vessels (OPVs). All vessels will be designed, built, and outfitted entirely in the UAE, in alignment with the country's 'Make it in the Emirates' industrialisation initiative.'The global OPV market is projected to grow from $38.1 billion in 2024 to $73.3 billion by 2033, at a CAGR of 7.15 per cent, according to a recent report published via GlobeNewswire—positioning it as one of the highly profitable segments in the shipbuilding industry," said Guy Neivens, CEO of Al Seer added, "With our long-term strategic vision, we anticipated this trajectory early, driving targeted investments in our technologies, infrastructure, and engineering depth to establish the naval shipbuilding vertical as a core driver of our revenue growth, portfolio diversification, margin resilience, and long-term value creation for our investors.'The move comes in response to accelerating global and regional demand for OPVs, particularly in the Middle East, where maritime security and naval capability development have become national imperatives. In 2024, Al Seer Marine reported operational profits of Dh107 million on revenues exceeding Dh1.28 billion. The new production mandate is expected to enhance financial performance over the contract period and further strengthen the company's shift toward high-value, IP-driven manufacturing and defence export capabilities within the UAE
