IHC’s Al Seer Marine buys two tankers for AED246m

Abu Dhabi / WAM

Al Seer Marine has announced that it acquired two vessels, valued at a combined AED246 million, to meet the 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 capitalise 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 the fast-growing
demand for charters.”
These transactions build significant scale in our operations and provide 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.