Latest news with #Alkaid
Mid East Info
30-07-2025
- Business
- Mid East Info
Al Seer Marine Reports Increase in Operating Profit to AED 156 Million with AED 698 Million in Revenue for the First Half of 2025
Revenue rises 20.2% year-on-year, supported by enhanced asset utilisation. Gross profit climbs 81.7% to AED 89 million, with gross margin expanding from 8.4% to 12.7%. Cash balance grows 178% to AED 490 million, driven by stronger collections. Total assets rise 7.6% to AED 8.1 billion, whilst total borrowings decrease by 16%. Abu Dhabi : Al Seer Marine ADX: ASM, a frontrunner in advanced maritime solutions and a subsidiary of IHC, announces its financial results for the first half of 2025. The company posts revenue of AED 698 million, marking a 20.2% increase compared to the same period last year. Operating profit grows year-on-year to AED 156 million from AED 13 million backed by strong business performance. Gross profit surges 81.7% year-on-year, rising from AED 49 million to AED 89 million, with margins expanding from 8.4% to 12.7%. This improvement is supported by strong revenue growth and enhanced asset utilisation, primarily due to the expansion of fleet operations with the addition of 6 MR chemical Tankers. The company's cash balance increases by 179%, reaching AED 490 million, up from AED 176 million in the first half of 2024, supported by improved collections and robust operating cash flows. Total assets rise 7.6% to AED 8.1 billion. Guy Neivens, Chief Executive Officer of Al Seer Marine, said: 'Built on the 'Investor First' mindset, our strategy centres on smart capital restructuring, supported by the company's robust assets, to drive portfolio expansion under highly competitive financing terms. We have also accelerated growth through strategic joint ventures with global industry leaders, while maintaining a strong commitment to disruptive technologies and innovation. This multi-faceted, future-proof approach has delivered consistent revenue growth, rapid expansion, and improved profitability.' Key to the company's capital restructuring and improved liquidity were financing agreements secured with leading international and regional financial institutions, totalling AED 1.815 billion. On the growth front, the joint venture between Al Seer Marine and Damen International secured an AED 1.3 billion contract in March 2025 from the Tawazun Council to build offshore patrol vessels for the UAE Navy. Furthermore, ASBI Shipping FZCO — a joint venture with B International Shipping & Logistics — signed a ten-year charter for two LPG tankers, Alkaid and Alcor, locking in AED 660 million in revenues through 2035. These collaborations exemplify a capital-efficient model and support sustainable expansion. About Al Seer Marine ASM: Al Seer Marine (ADX: ASM), a subsidiary of International Holding Company (IHC), is a global maritime organisation headquartered in Abu Dhabi. Our extensive service portfolio encompasses commercial shipping, yachting, boat building, large-scale 3D printing, unmanned vessel platforms and capabilities, and cutting-edge technological innovations. We seamlessly integrate top-tier services, innovative technological solutions, and a proven track record of operational excellence. Whether it's operating a fleet of superyachts with luxurious precision, owning & operating a fleet of commercial vessels, employing innovative additive manufacturing processes, or engineering futuristic unmanned vessels, Al Seer Marine stands as a beacon of expertise, capability, and excellence, capable of transforming any maritime vision into a reality. Our comprehensive service approach ensures a seamless journey from conception to realization, leveraging the latest in commercial ship and yacht management innovations. Our dedicated boat building team not only excels in additive design techniques and precision builds but also offers extensive training and expert maintenance, ensuring the longevity and performance of our creations. About IHC: Established in 1999, IHC has become the most valuable holding company in the Middle East and one of the world's largest investment firms, with a market capitalization of AED 879.6 billion (USD 239.3 billion). Since then, it has transformed to represent a new generation of investors. IHC's commitment to sustainability, innovation, and economic diversification spans over 1,300 subsidiaries, driving growth across industries like Asset Management, Healthcare, Real Estate, Financial Services, IT, and more. IHC continually looks beyond the stand-alone value of its assets for opportunities, stepping outside of traditional approaches and artificial barriers to unlock opportunities across its portfolio, enabling sector-agnostic Dynamic Value Networks and creating results that are often much greater than the sum of their parts.
Al Etihad
02-06-2025
- 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.
Yahoo
25-04-2025
- Science
- Yahoo
Amateur astrophotographer captures a stunning galaxy 24 million light-years from Earth (photo)
When you buy through links on our articles, Future and its syndication partners may earn a commission. Astrophotographer Ron Brecher has captured a stunning deep sky image of the spiral galaxy M106, located 23.5 million light years away in the constellation Canes Venatici. Brecher imaged the distant galaxy for a little over 32 hours on nights spanning from March 27 to April 17, 2025. The finished portrait reveals the swirling arms of M106 focussed around an active, red-hued galactic core - an active star-forming region that is home to a ravenous supermassive black hole. "M106 is classified as a Seyfert galaxy, meaning it has an active nucleus," explained Brecher in a post showcasing the image on his website. "It's thought that part of the galaxy is falling into a supermassive black hole near the center — it is sort of cannibalizing itself." While M106 is too faint to be spotted in the night sky with the naked eye, it is an excellent target to view with a small telescope, though as noted by NASA, a larger telescope would be needed to resolve fine details. To find M106 in the northern hemisphere, stargazers need only locate the Big Dipper asterism of Ursa Major, and use a stargazing app to find the bright star Alkaid, and dimmer Psi Ursae Majoris. M106 can be found around the half way point between these two stellar giants. TOP TELESCOPE PICK: Want to see galaxies in the night sky? The Celestron NexStar 4SE is ideal for beginners wanting quality, reliable and quick views of celestial objects. For a more in-depth look at our Celestron NexStar 4SE review. But M106 isn't the only galaxy in this image. "The other prominent galaxy, at the lower left, is NGC 4248," continued Brecher. "It also shows pink nebulae. There are many more galaxies in this image. Look for fuzzy patches and needle-like structures that look different from the sharp, round stars." Brecher wrote on his website that he never believed that he would get into astrophotography, but became captivated by the pursuit after buying a 4.5-inch reflector telescope for his son, and watching the night sky while soothing his then newborn daughter. His first forays into imaging the night sky saw Brecher capture the moon by holding a 'point and shoot' camera up to the eyepiece of his Celestron Ultima 200 Schmidt-Cassegrain telescope. He has since experimented with numerous cameras, mounts, scopes and software to image cosmic objects ranging from Earth's moon, to monstrous deep sky galaxies. Brecher's latest portrait of Messier 106 was captured from his home outside the Canadian city of Guelph using a Celestron 14" Edge HD telescope situated in a SkyShed enclosure - which, as the name suggests, is a purpose-built shed with a removable roof. Brecher processed the images he captured using a series of red, green, blue, and hydrogen-alpha filters with his CMOS QHY600M astronomy camera, before processing the resulting data using PixInsight software. If you're looking for a telescope or binoculars to observe galaxies like M106, our guides for the best binoculars deals and the best telescope deals now can help. Our guides on the best cameras for astrophotography and best lenses for astrophotography can also help you prepare to capture the next skywatching sight. Editor's note: If you want to share your astronomy photographs with our readers at please email it to spacephotos@
