Abu Dhabi - Mubasher: Al Seer Marine, a subsidiary of the International Holding Company (IHC), announced its third mega VLCC acquisition valued at AED 396 million, bringing its total VLCC fleet value to AED 900 million in four months.

VLCC Acrux, formerly Elandra Everest, is the name of the third VLCC vessel Al Seer Marine has taken delivery of in October this year, raising its total fleet to 10 ships, according to a recent press release.

Guy Neivens, CEO of Al Seer Marine, said: “The Global tanker demand is expected to grow by about 5% in 2023, exacerbated by rising production and the reorganisation of some of the trade routes; we expect our fleet to provide returns on equity of over 20% over the lifecycle of the fleet.”

Today, Al Seer Marine’s fleet is valued at over AED 1.20 billion and is projected to grow with the company’s short-term plans of taking over more than 2 ships in the next three months.

In addition to the three VLCC, ADX-listed Al Seer Marine recently acquired two liquified petroleum gas (LPG) tankers valued at a combined 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 (JV) with BGN International.