Abu Dhabi-based Al Seer Marine (ASM), a subsidiary of International Holding Company (IHC), recently performed the steel cutting ceremony for its first very large gas carrier (VLGC), named Lucky Gas. The vessel is expected to be delivered in March 2023.
Al Seer Marine formed a joint venture last year, named ABGC DMCC, with BGN International, one of the world’s leading energy, trading, storage and transportation companies, to build two new VLGCs and awarded the contract to Hyundai Heavy Industries in Korea.
The second VLGC, named North Gas, is expected to commence steel cutting in May and be completed and delivered by June next year. Both ships are 86,000m3 capacity and will be LPG-fuelled, making them environmentally friendly with less emissions.
Guy Neivens, CEO, said: “This is an exciting moment for Al Seer Marine and our partners, BGN International, as it demonstrates our commitment to global decarbonisation initiatives in our pursuit to becoming a modern, world-leading commercial shipping company. The accelerating rise in demand for oil products and gas, in a tight energy market, has resulted in exploring fleet expansion initiatives to strategically access broader opportunities within commercial shipping.”
The company aims to increase its fleet to 20 ships and is assessing possible investments in product tankers, gas tankers and dry bulk carriers. In the short term it says it plans acquiring 10 to 15 ships this year alone.
Earlier this year, Al Seer Marine launched an additive manufacturing business unit, leveraging the latest technologies for the company’s in-house manufacturing of unmanned vessels and vehicles. Al Seer Marine has also announced a sizeable investment of AED1.2 billion in AD Ports, giving it a 7.36% stake in the diversified logistics group.