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Abu Dhabi-based shipping company Al Seer Marine has signed a partnership agreement with Singapore’s Netbulk to expand its global cargo services.
The agreement between the two companies will focus on the Middle East, Asia and Asia Pacific and help customers alleviate supply chain uncertainty.
Mitigation will be achieved through the collaboration of 10 commercially controlled vessels, with further plans to increase the fleet through future collaborations or acquisitions.
At the same time, the cooperation is expected to provide freight services for 5 million tons of dry bulk cargo within a year, with an estimated turnover of US$100 million.
As a marine solutions company, Netbulk provides a variety of commercial activities including trading, chartering, consulting and investment, and provides freight services to shippers and charterers worldwide.
Guy Neivens, CEO of Al Seer Marine, said: “Analysis of market trends shows that the growing global trade in dry bulk is driving demand for freight services. By partnering with Netbulk to expand our network in Singapore, Al Seer Marine is able to move through key regions The move continues our long-term freight strategy while ensuring control of merchant vessels as we overcome supply chain challenges.”
Al Seer Marine, a subsidiary of International Holding Company (IHC), recorded a profit of AED883 million in the second quarter of 2022.
read: Al Seer Marine announces second-quarter profit of AED882.97 million, up 115% from last year
Al Seer Marine was also IHC’s sixth subsidiary listed on the Abu Dhabi Stock Exchange last year.
read more: Al Seer Marine becomes IHC’s sixth ADX-listed subsidiary
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