Abu Dhabi – Mubasher: Al Seer Marine, a subsidiary of International Holding Company (IHC), has purchased two very large crude carriers (VLCC) in exchange for AED 404 million.

MV Twin Castor and MV Twin Pollux crude oil tankers have a carrying capacity in the upper range of 320,000 deadweight tonnage (DWT) each, according to a recent press release.

The newly acquired tankers are expected to provide estimated returns of more than 20% amid an expected global increase in tonne-mile demand driven by a 4% rise in crude oil production in 2022.

This transaction comes in line with Al Seer Marine’s expansion plans to become a major global player by acquiring up to 15 ships in 2022.

The CEO of Al Seer Marine, Guy Neivens, said: "With 19% of existing global crude carrier supply dated at over 18 years old, they will be due for scrapping or recycling in the next few years."

Meanwhile, Neivens added: "This will cause the global fleet numbers to shrink even further, presenting an opportune time for Al Seer Marine to expand and continue our trajectory in becoming one of the largest commercial shipping fleets in the Middle East and Asia regions."

It is noteworthy to mention that in late May 2022, Al Seer Marine acquired two vessels worth AED 246 million to meet the increasing demand for transportation of liquefied petroleum gas (LPG).