• The strategic acquisition has increased Al Seer Marine’s fleet value to more than AED 1.2 billion.

Abu Dhabi: Al Seer Marine (ADX: ASM), the global player across multiple marine sectors and International Holding Company (IHC) subsidiary, has announced today its third mega VLCC acquisition valued at AED 396 million bringing its total VLCC fleet value to AED 900 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 analyzing 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% in 2023, exacerbated by rising production and the reorganization of some of the trade routes; we expect our fleet to provide returns on equity of over 20% over the lifecycle of the fleet.”

Today, Al Seer Marine’s fleet is valued at more than AED 1.2 billion and is expected to grow with the company’s short-term plans of acquiring more than 2 ships in the next three months. In addition to the three VLCC, Al Seer Marine recently acquired two liquified petroleum gas (LPG) tankers valued at a combined AED 259 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.

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

Al Seer Marine has taken delivery of VLCC Acrux (ex- Elandra Everest), a crude oil tanker built in 2020 at HHI, Korea.

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About Al Seer Marine:

Al Seer Marine Supplies and Equipment is a publicly listed company in the Abu Dhabi security exchange market (ADX: ASM); it was established in 2003 and is headquartered in Abu Dhabi, UAE. Al Seer is a leading marine company in the Middle East Region, with a portfolio of services including the management and training, Construction of vessels, High-tech boatbuilding, Unmanned systems development, and manufacturing. Al Seer Marine employs more than 1200 people onboard and ashore from more than 50 nationalities.

About International Holding Company

IHC was founded in 1998 as part of an initiative to diversify and develop non-oil business sectors in the UAE and has grown to become the most valuable listed holding company in the Middle East with a market cap of AED 648 billion as of Sep 30, 2022. The company endeavors to implement sustainability, innovation, and economic diversification initiatives across what is now one of the region's largest conglomerates. IHC is included in FTSE ADX 15 Index (FADX 15), representing the top 15 largest and most liquid companies on the ADX.

IHC has a clear objective of enhancing its portfolio through acquisitions, strategic investments, and business combinations. Comprising more than 372 subsidiaries and 52,345 employees, IHC seeks to expand and diversify its holdings across a growing number of sectors, including Real Estate Development, Agriculture, Healthcare, Food and Beverage, Utilities, Industries, IT and Communications, Retail and Leisure, and Capital.

With a core strategy to enhance shareholder value and achieve growth, IHC drives operational synergies and maximizes cost efficiencies across all verticals – it also continues to evaluate investment opportunities through direct ownership and entering partnerships in the UAE and abroad. As the world changes and new opportunities arise, IHC remains focused on resilience, innovation, and redefining the marketplace for itself, its clients, and its partners.

Media Contacts
IHC
Ahmad Ibrahim
Corporate Communication & Media Manager
Ahmad.ibrahim@ihcuae.com