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

International Holding Company subsidiary, Al Seer Marine (ASM) 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. At present, ASM manages a total of five dry bulk and general cargo ships and provided freight solutions to an international mining group for approximately 850,000 metric tonnes of iron ore from Asia Pacific to East Asia. Al Seer Marine is currently in negotiations for a long-term contract for carriage of 2 million tonnes annually.

Guy Neivens, CEO of Al Seer Marine, said, “We have seen a global rise in demand for dry bulk tonne-mile trade with 2021 recording a 3.7 percent increase, while this year, continued growth is forecast at about 1.4 per cent. Al Seer Marine will capitalise on this trend and increase our capacity, transporting about 2-3 million tonnes of bulk cargoes in 2022. Given the fragmented nature of this market, we are seizing the opportunity to consolidate cargo volumes and plan to establish a world-class and transparent commercial maritime business through strategic partnerships across the Middle East region.”

Al Seer Marine has been expanding rapidly in the commercial shipping segment. 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 this year.

In recent news, ASM wrapped up a Dhs495m financing transaction for the construction of its two very large gas carriers (VLGCs). The deal was signed by ABGC DMCC, the joint-venture firm of Al Seer Marine and BGN International, one of the world’s leading energy, trading, storage and transportation companies. Abu Dhabi Islamic Bank arranging the financing.

Read: Abu Dhabi’s Al Seer Marine completes Dhs495m financing deal for VLGCs