Latest news with #GuyNeivens
Al Etihad
4 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.
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
Zawya
20-05-2025
- Business
- Zawya
Al Seer Marine inks $13mln production deal with Albwardy Damen
Abu Dhabi – Al Seer Marine Supplies and Equipment Company secured a production agreement valued at AED 47.60 million to deliver high-speed interceptor vessels to Albwardy Damen in Sharjah. Delivery will span 42 months, with the units slated for integration into offshore patrol vessels (OPVs), according to a press release. The deal comes amid the accelerating global and regional demand for OPVs, particularly in the Middle East, where maritime security and naval capability development have become national imperatives. The new production mandate is expected to improve financial performance over the contract period and reinforce the company's shift toward high-value, IP-driven manufacturing and defense export capabilities within the UAE. Guy Neivens, CEO of Al Seer Marine, commented: 'The global OPV market is projected to grow from $38.10 billion in 2024 to $73.30 billion by 2033, at a CAGR of 7.15%, according to a recent report published via GlobeNewswire—positioning it as one of the highly profitable segments in the shipbuilding industry.' '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,' he added. In 2024, Al Seer Marine reported operational profits of AED 107 million on revenues exceeding AED 1.28 billion.
Arabian Business
25-03-2025
- Business
- Arabian Business
UAE awards $354m contract to build naval patrol vessels
The UAE has awarded contracts to build naval patrol vessels to conduct missions including pirate and smuggler monitoring. Al Seer Marine and Damen International announced their Joint Venture has secured a AED1.3bn ($354m) contract with Tawazun Council to manufacture advanced Offshore Patrol Vessels (OPVs). This four-year project will bolster the UAE's naval capabilities and enhance maritime security. UAE naval patrols The OPVs will be equipped with cutting-edge naval technology and designed with advanced features. These vessels will be capable of conducting a wide range of missions, such as EEZ Patrol, EEZ Surveillance, EEZ Interdiction (piracy, smuggling, environmental protection), maritime law enforcements and coast guard functions, search and rescue (SAR), and disaster relief. Guy Neivens, CEO of Al Seer Marine, said: 'Tawazun's confidence in the JV capabilities marks a significant milestone, showcasing the strength of our shipbuilding expertise combined with comprehensive fleet support. 'With our proven track record in manufacturing advanced, globally competitive solutions locally in the UAE, we are committed to enhancing the UAE's industrial base, ensuring that all the vessels we build uphold the highest levels of operational readiness for national security.' To ensure peak performance of the fleet, the contract includes a comprehensive Integrated Logistics Support (ILS) package. This comprehensive framework ensures predictive maintenance planning, bespoke training analysis, and proactive inventory and obsolescence management. The ILS is designed to enable the vessels to remain mission-ready with minimal downtime, enhancing seamless functionality. This significant partnership between Al Seer Marine, Damen International, and Tawazun Council marks a milestone in the UAE's maritime defence industry. By delivering advanced naval vessels and comprehensive support services, the joint venture will contribute to the country's ongoing efforts to strengthen its maritime security and protect its national interests.
Zawya
24-03-2025
- Business
- Zawya
Tawazun Council awards $354mln contract to build naval vessels
ABU DHABI - Al Seer Marine and Damen International, an Abu Dhabi company, part of the Damen family, announced that their Joint Venture has secured a significant AED1.3 billion contract with Tawazun Council to manufacture advanced Offshore Patrol Vessels (OPVs). This four-year project will bolster the UAE's naval capabilities and enhance maritime security. The OPVs will be equipped with cutting-edge naval technology and designed with advanced features. These vessels will be capable of conducting a wide range of missions, such as EEZ Patrol, EEZ Surveillance, EEZ Interdiction (piracy, smuggling, environmental protection), maritime law enforcements and coast guard functions, search and rescue (SAR), and disaster relief. Guy Neivens, CEO of Al Seer Marine, commented, "Tawazun's confidence in the JV capabilities marks a significant milestone, showcasing the strength of our shipbuilding expertise combined with comprehensive fleet support. With our proven track record in manufacturing advanced, globally competitive solutions locally in the UAE, we are committed to enhancing the UAE's industrial base, ensuring that all the vessels we build uphold the highest levels of operational readiness for national security." To ensure peak performance of the fleet, the contract includes a comprehensive Integrated Logistics Support (ILS) package. This comprehensive framework ensures predictive maintenance planning, bespoke training analysis, and proactive inventory and obsolescence management. The ILS is designed to enable the vessels to remain mission-ready with minimal downtime, enhancing seamless functionality. This significant partnership between Al Seer Marine, Damen International, and Tawazun Council marks a milestone in the UAE's maritime defence industry. By delivering advanced naval vessels and comprehensive support services, the joint venture will contribute to the UAE's ongoing efforts to strengthen its maritime security and protect its national interests.
