Abu Dhabi's Al Seer Marine Supplies and Equipment Co., a subsidiary of International Holding Company (IHC), has entered into a collaboration agreement with Singapore-based maritime solution company Netbulk Pte Ltd, as part of its expansion strategy.

The company said in a bourse filing on the Abu Dhabi Securities Exchange (ADX) that the agreement will focus on the Middle East Asia and Asia Pacific.

This collaboration is expected to provide freight services to 5 million tonnes of dry bulk cargoes in one year, with an expected turnover of $100 million, it added.

The company made a net profit at AED 882.9 million ($240.4 million) for the second quarter of the year, up from AED 411.3 million a year ago.

(Writing by Brinda Darasha; editing by Cleofe Maceda)