The impressive VLGC ‘Lucky Gas’ was built by Hyundai Heavy Industries, utilizing LPG-fueled propulsion machinery

Abu Dhabi: Al Seer Marine (ADX: ASM), the global player across multiple marine sectors and a subsidiary of International Holding Company (ADX: IHC), has announced the takeover of its first very large gas carrier (VLGC) “Lucky Gas” today. The 86,000 CBM Class DF LPGC was delivered fby Hyundai Heavy Industries (HHI) in South Korea and is employed on a 10-year charter with BGN International DMCC. 

The VLGC forms part of an AED 495 million transaction signed in 2021 by ABGC DMCC, the joint venture between Al Seer Marine and BGN International. A second VLGC, North Gas, will be delivered in September this year as part of the transaction. 

“Giant Tanker markets are making waves and riding high on rising global demand. Our business vision is anchored in seizing opportunities that align with market conditions and deliver attractive returns. Today, we proudly mark the delivery of our inaugural VLGC, Lucky Gas, a testament to our ongoing investment efforts.” said Guy Neivens, CEO of Al Seer Marine.

Through agreement with ABGC DMCC, Al Seer Marine pursued portfolio diversification, driving growth for its operations and superior shareholder returns. Notably, both VLGC vessels acquired in this joint venture utilize LPG-fueled propulsion machinery, showcasing Al Seer Marine commitment to reducing carbon emissions and fostering sustainable growth within our industry.

"The successful delivery of Lucky Gas today marks another significant milestone for Hyundai Heavy Industries, underscoring our adaptability to the dynamic market conditions of the VLGC sector. The tremendous global demand for VLGCs is experiencing remarkable growth, propelled by the ongoing global energy demand and the ever tightening decarbonization regulations. In response to these challenges, we are resolutely committed to delivering LPG-fueled vessels akin to Lucky Gas, championing sustainability within our industry and offering indispensable support to our clients' ambitious growth plans.” stated Young-Rok Cho from HHI.

ABGC DMCC hosted the naming ceremony for its Hyundai Heavy Industries (HHI) VLGC (Hull 3303) “Lucky Gas” in Ulsan, South Korea earlier this month, attended by Joint Venture partners Al Seer Marine, BGN International,  Builders HHI, Classification society ABS, New building project managers Seaquest Marine S.A. and Ship managers Fleet Management Limited.

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 global marine company headquartered in Abu Dhabi, with a portfolio of services including 18 vessels, 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 868 billion as of March 31, 2023. 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 444 subsidiaries and over 126,000 employees, IHC seeks to expand and diversify its holdings across a growing number of sectors, including Asset management, Healthcare, Real Estate and Construction, Marine and Dredging, IT and Communications, Financial Services, Food Production and Service, Utilities, and Services.     

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.

www.ihcuae.com

Media Contacts
Ahmad Ibrahim 
Group Head Marketing and Corporate Communications 
Ahmad.ibrahim@ihcuae.com 

Mary Khamasmieh
Head of Government Communications, Weber Shandwick
+971 50 2731 753
mkhamasmieh@webershandwick.com