Abu Dhabi – Mubasher: Al Seer Marine, a subsidiary of International Holding Company (IHC), has acquired two vessels worth AED 246 million to meet the increasing demand for transportation of liquefied petroleum gas (LPG).

The purchasing process comes in line with Al Seer’s vision to strengthen its position in commercial shipping and acquire up to 15 ships in 2022, according to a press release.

In cooperation with a number of international banks, including ING and Bank of America, the marine company bought LPG tankers, MT Alcor and MT Alkaid, each with a capacity of 20,700 cubic metres.

The vessels are expected to hold an internal rate of return (IRR) of 25%.

The CEO of Al Seer Marine, Guy Neivens, said: “These transactions are building significant scale in our operations and providing attractive returns to the company and its shareholders.”

It is worth noting that the IHC's unit invested a total of AED 1.20 billion to acquire 375 million equity shares of Abu Dhabi Ports ahead of its initial public offering (IPO) last February.