Al Seer Marine, an Abu Dhabi-listed marine company engaged across multiple marine sectors, has acquired two additional tankers valued at $66.9 million (246 million dirhams) in order to meet the growing demand for shipping liquified petroleum gas (LPG).
Al Seer Marine is a subsidiary of Abu Dhabi-based leading investment firm, International Holding Company (IHC).
“The gas carriers, MT Alcor and MT Alkaid, each with a capacity of 20,700 cubic meters, are expected to provide an internal rate of return (IRR) of 25 percent,” Al Seer Marine said in a statement to the Abu Dhabi Securities Exchange (ADX).
The company stated that the vessels were acquired with the help of several international banks, including ING and Bank of America.
Mr. Guy Neivens, CEO of Al Seer Marine, commented that, “These transactions are building significant scale in our operations and providing attractive returns to the company and its shareholders.”
Earlier this year, Al Seer Marine launched an additive manufacturing business unit in order to develop large-scale additive manufacturing (LSAM) products and parts that are in high-demand regionally and globally.
Further, Al Seer Marine has plans to acquire up to 15 vessels this year, as it looks to expand its business to become a major leader in commercial shipping. “Demand for charters in the product tanker and gas segments has been growing, compounded by recent geopolitical developments,” as per the statement.
Last year, Al Seer Marine formed a $169.91 million joint venture (JV) with BGN International in order to acquire a portfolio of Very Large Gas Carriers (VLGCs) for the transport of liquefied petroleum gas (LPG).