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ABU DHABI – Al Seer Marine, a subsidiary of International Holding Company (IHC), today announced the acquisition of its third large VLCC for AED 396 million, bringing its total VLCC fleet value to AED 900 million within four months .
VLCC Acrux (formerly Elandra Everest) is the name of the third VLCC vessel delivered by Al Seer Marine in October this year, increasing its total fleet to 10 as the company continues to analyze its expansion in crude oil and product tankers, natural gas Tanker and dry bulk shipping industry planned for 2022.
Guy Neivens, CEO of Al Seer Marine, said: “Sentiment in the tanker market is strong, with VLCC earnings continuing to rise since June and continuing their upward trend. Global tanker demand is expected to grow in 2023, driven by increased production and restructuring of some trade routes. About 5%; we expect our fleet to deliver a return on equity in excess of 20% over the life of the fleet.”
“Al Seer Marine continues to strengthen; our business has grown significantly over the past 10 months; with the acquisition of Acrux, we are poised to become one of the major players in the global maritime space,” Nevins added.
Today, Al Seer Marine’s fleet is worth more than AED 1.2 billion and is expected to grow with the company’s short-term plans to acquire more than two vessels in the next three months.
In addition to the three VLCCs, Al Seer Marine has recently acquired two liquefied petroleum gas (LPG) tankers for a combined value of AED 259 million and owns two 86,000 cubic meter very large gas carriers (VLGCs), which currently Under construction, as with BGN International.
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