Al Seer Marine acquires VLCC Acrux; Continues its global expansion

By Shilpa Annie Joseph, Official Reporter
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Al Seer Marine's VLCC Acrux acquisition
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Al Seer Marine, an International Holding Company (IHC) subsidiary, has announced its third mega VLCC acquisition valued at $107 million (AED396 million), bringing its total VLCC fleet value to $245 million (AED900 million) in four months.

The company said in a statement that “VLCC Acrux (previously Elandra Everest) is the name of the third VLCC vessel Al Seer Marine has taken delivery of in October this year, increasing its total fleet to 10 ships.”

Today, Al Seer Marine’s fleet is valued at more than $326 million (AED 1.2 billion) and is expected to grow with the company’s short-term plans of acquiring more than 2 ships in the next three months.

Mr. Guy Neivens, Chief Executive Officer of Al Seer Marine, sadi that, “The sentiment for tankers is strong, with VLCC earnings having risen consistently since June and continues its upward trajectory. The Global tanker demand is expected to grow by about 5 percent in 2023, exacerbated by rising production and the reorganization of some of the trade routes; we expect our fleet to provide returns on equity of over 20 percent over the lifecycle of the fleet.”

“Al Seer Marine continues to strengthen; we have massively grown our operation in the past 10 months; with the Acrux acquisition, we are on track to become one the key players in the global maritime sector,” Mr. Neivens added.

In addition to the three VLCC, Al Seer Marine recently acquired two liquified petroleum gas (LPG) tankers valued at a combined $70 million (AED 259 million) and has two 86,000 cubic meters of Very Large Gas Carriers (VLGC) currently under Construction as part of a joint venture with BGN International.

Related: SAFEEN Offshore acquires new vessel to expand subsea service capabilities