ABU DHABI, UAE – Al Seer Marine, an International Holding Company (IHC) subsidiary, announced Tuesday its third very large crude carriers acquisition at US$107 million (AED396 million), bringing its total VLCC fleet value to $245 million (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 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.”
He said, “The global tanker demand is expected to grow by about 5 percent in 2023, driven by rising production and the reorganization of some trade routes; we expect our fleet to provide returns on equity of over 20 percent over the lifecycle of the fleet.”
He added, “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.”
Today, Al Seer Marine’s fleet is valued at over $326 million (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 VLCCs, Al Seer Marine recently acquired two liquefied petroleum gas (LPG) tankers valued at $70 million (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.