Al Seer Marine Acquires LPG Tankers Valued At AED 246M To Me...| MENAFN.COM

Wednesday, 29 June 2022 03:28 GMT

Al Seer Marine Acquires LPG Tankers Valued At AED 246M To Meet Fast-Growing Global Demand

(MENAFN- Mid-East.Info)

  • Charter of vessels expected to deliver IRR of 25%
  • Completion of acquisition through close cooperation with multiple international banks including ING and Bank of America

Abu Dhabi, UAE: Al Seer Marine PJSC (ASM), a global player across multiple marine sectors and a subsidiary of International Holding Company (IHC), has acquired two vessels, valued at a combined AED 246 million, to meet rapidly growing demand for transportation of liquified petroleum gas (LPG).

Al Seer Marine, which is pursuing an expansion strategy to become a major world leader in commercial shipping, has targeted the acquisition of up to 15 ships in 2022. Growing demand for charters in the product tanker and gas segments has been compounded by recent global geopolitical developments.

In its latest transaction, Al Seer Marine has purchased LPG tankers, MT Alcor and MT Alkaid, each with a capacity of 20,700 cubic metres. The vessels are expected to provide an internal rate of return (IRR) of 25%.

Guy Neivens, Chief Executive Officer of Al Seer Marine, said :“Due to its strong operating and financial position, Al Seer Marine is able to capitalize on the increasingly favourable fundamentals in global shipping, particularly in the LPG segment. The company is developing a robust pipeline of clients and is moving rapidly to meet fast-growing demand for charters. These transactions are building significant scale in our operations and providing attractive returns to the company and its shareholders.”

These ships were acquired through close cooperation with a number of international banks, including ING and Bank of America.

Founded in 2003 and listed on the ADX Growth Market (Abu Dhabi Securities Exchange), Al Seer Marine is already a leader in marine services in the region, and has been expanding rapidly in the commercial shipping segment. The company also provides vessel construction services, refurbishment, and yacht management to private customers, as well as fulfilling public sector vessels contracts.

About Al Seer Marine:

Al Seer Marine (ASM), founded in 2003, is listed on ADX and a leader in marine services with 1 billion paid-in capital and over 1,200 employees. For its Full Year 2021 financial results, the company reported a net profit of AED 2.5 billion, driven by a significant rise in income from investments and acquisitions in support of its diversification strategy in the commercial maritime industry and new management and production services. It has a portfolio of services, including: management and training, construction of vessels, high-tech boatbuilding, unmanned systems development, and manufacturing. These are spread across its assets, namely: ASM Boat Building Sole Proprietorship, ASM Training Institute, and ASM Services Company.

About International Holding Company:

IHC was founded in 1998, as part of an initiative to diversify and grow non-oil business sectors in the UAE. Adhering to 'Abu Dhabi's Vision 2030', the ADX listed company endeavours to implement sustainability, innovation, and economic diversification initiatives across what is now one of the region's largest conglomerates. IHC is included in FTSE ADX 15 Index (FADX 15), which represents the top 15 largest and most liquid companies on the ADX.

IHC has a clear objective of enhancing its portfolio through acquisitions, strategic investments, and business combinations. Comprising more than 30 entities and 22,345 employees, IHC seeks to expand and diversify its holdings across a growing number of sectors, including Real Estate, Agriculture, Healthcare, Food and Beverage, Utilities, Industries, IT and Communications, Retail and Leisure, and Capital.

With a core strategy to enhance shareholder value and achieve growth, IHC drives operational synergies and maximizes cost efficiencies across all verticals – it also continues to evaluate investment opportunities through direct ownership and entering partnerships in the UAE and abroad. As the world changes, and new opportunities arise, IHC remains focused on resilience, innovation and redefining the marketplace for itself, its clients, and its partners.


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