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UAE-based Al Seer Marine has made its 13th vessel acquisition in less than 12 months with a AED 331 million gas carrier deal. The company has signed a contract to buy an 86,700 m3 capacity LPG tanker, that can also carry ammonia, with Kawasaki Heavy Industries of Japan. The company now controls 15 vessels, including five gas carriers, and says it plans to secure two more vessels by the end of the first quarter of 2023.
Al Seer Marine is rapidly becoming a key player in the maritime shipping sector as it continues to grow its fleet, which is now valued today at more than AED 2.4 billion overall. The product tanker Meissa, acquired in January 2023 in an AED 132 million deal, is the latest to join its fleet.
Al Seer Marine, a subsidiary of the International Holding Company (IHC) subsidiary, recently announced net profits of AED 1 billion for 2022, a 79 per cent increase compared to 2021. Boosted by its vessel acquisitions, total assets amounted to AED 9.61 billion at the end of 2022, compared to AED 6.12 billion at the start of the year.
Already, 2023 is looking bright for Al Seer Marine. The company recently introduced Mega II, the world’s largest 3D printer for the maritime industry in the UAE, and the region, which is expected to strengthen its position in the ship repair and marine services sector.
