Abu Dhabi-based Al Seer Marine, a subsidiary of International Holding Company (IHC), has entered into a collaboration agreement with Netbulk of Singapore, as part of its ongoing growth strategy. The agreement between the two companies will focus on the Middle East Asia and Asia Pacific and aims to help clients to “mitigate supply chain uncertainties” through the joint operation of ten commercially controlled ships. There are further plans to increase the fleet through future partnerships or acquisitions.
This collaboration with Netbulk is expected to provide freight services to 5 million tonnes of dry bulk cargoes in the first year, with an anticipated turnover of US$100million.
Guy Neivens, Chief Executive Officer of Al Seer Marine, said, “Analysis of market trends show that the global dry bulk trade is increasingly growing, driving up demand for cargo freight services. By amplifying our network in Singapore in collaboration with Netbulk, Al Seer Marine continues to execute on our long-term cargo strategy through key regional initiatives while also securing control of commercial ships as we overcome supply chain challenges.”
Earlier last month, Al Seer Marine announced a strong second quarter performance, recording AED883 million in profit, more than double the same period of last year.