IHC’s Al Seer Marine expands fleet, enters new market segment

World seaborne trade has experienced a firm rebound of about 4% in 2021

  
Investors are seen at the Dubai International Financial Market in Dubai, UAE February 7, 2018. Image used for illustrative purpose.

Investors are seen at the Dubai International Financial Market in Dubai, UAE February 7, 2018. Image used for illustrative purpose.

REUTERS/Satish Kumar

ABU DHABI: Al Seer Marine PJSC, a subsidiary of International Holding Company (IHC), today announced the acquisition of two reefer ships and onebulk carrier.

The company’s latest acquisition is part of its expansion strategy, which will see the company multiply into the commercial shipping segment. The company’s aim is diversification in seaborne shipping markets, focusing efforts to reduce vulnerabilities to volatile conditions in today’s shipping markets and capitalizing on growing markets.

World seaborne trade has experienced a firm rebound of about 4% in 2021 following a reduction of 3.4% in 2020. Seaborne transport is projected to increase in the majority of trade segments. World seaborne trade is expected to continue increase at 10 years CAGR of about 2.4% for the next 5-10 years.

Commenting on the acquisition, Guy Neivens, Chief Executive Officer of Al Seer Marine, said: "The company’s latest fleet additions form an integral part of its future-looking development strategy, which will see us leverage the projected growth in the global seabornetrade. Through this transaction, Al Seer Marine will be embarking on a new journey into the commercial shipping segment at a time when the global new build order book is projected to remain low, which will ensure the global charter markets remain firm.." Founded in 2002, Al Seer Marine is a leader in marine services in the region, with total assets of AED3.98 billion as at the end of June 2021, 1 billion in paid-in capital and over 1,200 employees.

The company recently listed on the Abu Dhabi Securities Exchange (ADX) Second Market and provides vessels construction services, operation, refurbishment, and yacht management to private customers, as well as fulfilling public sector vessels contracts.

© Copyright Emirates News Agency (WAM) 2021.


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