Al Seer Marine receives VLGC North Gas, increasing fleet size to 20

• VLGC North Gas will elevate Al Seer Marine’s fleet to 20 ships.
• Al Seer Marine’s VLGC obtained under an AED 495 million deal by ABGC DMCC.
• The company’s vessel fleet grew from 12 to 20 in twelve months.

Al Seer Marine (ADX: ASM), a prominent global player across multiple marine sectors and a subsidiary of Abu Dhabi-based International Holding Company (ADX: IHC), has announced the takeover of the very large gas carrier (VLGC) North Gas.

This strategic move marks the second VLGC delivery under the AED 495 million deal signed by ABGC DMCC, a joint venture (JV) between Al Seer Marine and BGN International. The impressive North Gas, with a cargo capacity of 84,326 cubic meters, was built by Hyundai Heavy Industries (HHI) and was recently handed over to ABGC DMCC in Ulsan, Republic of Korea, earlier this month. The vessel has commenced a decade-long charter with BGN International.

Guy Neivens, CEO of Al Seer Marine, said: “Liquid Petroleum Gas is assuming a growing significance in the global energy landscape. Our announced fleet expansion plan is on track as we welcome our second newbuild VLGC, and our foray into the maritime commercial shipping sector stands as a testament to the steadfast backing of our esteemed board members, shareholders.”

The global maritime company currently owns and commercially manages a fleet of 20 ships, all acquired within the last 36 months, which are already outperforming competitors both regionally and internationally. North Gas represents one of five VLGCs to be delivered within the next three years. The company will assume control of six new-build medium range (MR) chemical tankers in the coming 1.5 years.

Al Seer Marine attended the naming ceremony alongside JV partner BGN International, shipbuilder HHI, classification society Lloyd’s Register (LR), and new building project management company SeaQuest.

This strategic expansion solidifies Al Seer Marine’s position as a formidable player in the maritime industry, leveraging its vision and dedication to meet the evolving needs of the market.