ABU DHABI - Al Seer Marine, an International Holding Company (IHC)subsidiary, has announced today its third mega VLCC acquisition valued at AED396 million, bringing its total VLCC fleet value to AED900 million in four months.

VLCC Acrux (previously Elandra Everest) is the name of the third VLCC vessel Al Seer Marine has taken delivery of in October this year, increasing its total fleet to 10 ships, as the company continues analysing its expansion initiatives in crude and product tankers, gas tankers, and dry bulk shipping sectors in 2022.

Guy Neivens, Chief Executive Officer of Al Seer Marine, said, “The sentiment for Tankers is strong, with VLCC earnings having risen consistently since June and continues its upward trajectory. The Global tanker demand is expected to grow by about 5 percent in 2023, driven by rising production and the reorganisation of some trade routes; we expect our fleet to provide returns on equity of over 20 percent over the lifecycle of the fleet."

“Al Seer Marine continues to strengthen; we have massively grown our operation in the past 10 months; and with the Acrux acquisition, we are on track to become one the key players in the global maritime sector,” Neivens added.

Today, Al Seer Marine’s fleet is valued at more than AED1.2 billion and is expected to grow with the company’s short-term plans of acquiring more than two ships in the next three months.

In addition to the three VLCC, Al Seer Marine recently acquired two liquefied petroleum gas (LPG) tankers valued at a combined AED259 million and has two 86,000 cubic meters of Very Large Gas Carriers (VLGC) currently under construction as part of a joint venture with BGN International.