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Al Seer Marine unveils 13th acquisition in year for AED 331m

Al Seer Marine unveils 13th acquisition in year for AED 331m
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Al Seer Marine
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Abu Dhabi – Mubasher: Al Seer Marine Supplies and Equipment Company has purchased its latest gas vessel for AED 331 million, marking its 13th acquisition in 12 months.

Having secured a total of five gas carriers, the ADX-listed firm plans to acquire an additional two during the first quarter (Q1) of 2023, according to a press release.

Al Seer Marine currently owns 15 carriers worth an aggregated value of AED 2.75 billion.

Meanwhile, the UAE-based company teamed up with BGN International and placed an order at Kawasaki Heavy Industries Ltd (KHI) for ABGC DMCC. This includes the provision of 86,700 cubic metres of liquefied petroleum gas (LPG) and a liquefied ammonia gas (NH3) carrier powered by LPG fuel.

ABGC DMCC is a joint venture (JV) between Al Seer Marine and BGN International.

Guy Neivens, CEO of Al Seer Marine, indicated: “There is a huge demand for gas vessels, especially as global energy demand is forecast to rise by 8-10% over the next five years mainly driven by an increase in Asian and African demand."

Neivens added: "Al Seer Marine’s latest acquisition of this carrier reinforces our strategy to ensure the company stands at the forefront of the global marine sector.” 

The CEO highlighted: "We are currently exploring the opportunity of acquiring two additional gas vessels in the next six months and are proactively ensuring our portfolio of services continues to expand in various crucial industries.”

In 2022, Al Seer Marine recorded a plunge in net profit to AED 1 billion, compared to AED 2.51 billion in 2021.