Al Seer Marine announces Q2 profit of Dhs882.97m, a 115% rise over last year

Abu Dhabi-based Al Seer Marine announced a strong quarterly performance for Q2 2022, recording Dhs882.97m in profit, an increase of 115 per cent from the same period last year.

Al Seer Marine’s growth jumped significantly by a record 74 per cent, compared to Q2 of last year, with revenue at Dhs474.82m; while assets amounted to Dhs11.58bn.

According to the company, these financials are driven by Al Seer Marine’s strategic investments, diverse management, and product services with its most recent venture in freight solutions of bulk cargoes; as well as, vessel acquisitions of VLGCs and VLCCs, which continue to bolster its extensive portfolio as a world-leading maritime company.

Guy Neivens, CEO of Al Seer Marine, said: “We have remained vigilant in unprecedented market conditions to remedy any obstacle and to capitalise on opportunities in the maritime industry to build further scale and drive revenue.

“This, coupled with the execution of Al Seer Marine’s worldwide growth strategy on commercial management, has increased our balance sheets and gains for shareholders. We anticipate an equally strong performance in the second half of 2022 through further organic growth, profitable acquisitions, and an astute strategy to meet market demand in dry bulk ton-mile trade.”

The company aims to increase its fleet to become the largest in the MEA market and is analysing expansion initiatives in product tankers, gas tankers, and dry bulk shipping sectors, with short-term plans of acquiring 10 to 15 ships in 2022.

In recent news, Al Seer Marine is expanding to offer freight solutions for bulk cargoes globally through its subsidiary, ASM Chartering.

ASM Chartering intends to transport approximately 2-3 million tonnes of bulk cargoes this year.

Read: Abu Dhabi’s Al Seer Marine expands to provide freight solutions for bulk cargo globally