UAE's Al Seer Marine commences work on its first 'very large gas carrier'
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UAE’s Al Seer Marine commences work on its first ‘very large gas carrier’

UAE’s Al Seer Marine commences work on its first ‘very large gas carrier’

Lucky Gas, Al Seer Marine’s first VLGC, is expected to be completed and delivered by March 2023, with work on the second VLGC scheduled to commence in May

Abu Dhabi-based Al Seer Marine (ASM), a subsidiary of International Holding Company (IHC), recently performed the steel cutting ceremony for its first very large gas carrier (VLGC), named Lucky Gas.

Al Seer Marine formed a joint venture last year, named ABGC DMCC, with BGN International, one of the world’s leading energy, trading, storage and transportation companies, to build two new VLGCs. The company awarded the contract to Hyundai Heavy Industries in Korea. This follows a projected boost in the VLGC segment with growing liquified petroleum gas (LPG) trade relationships between multiple regions, including the Middle East and Asia, Western Africa and Europe, and the US.

This marks the first steel cutting for Lucky Gas, which is expected to be completed and delivered by March 2023.

The second VLGC, named North Gas, is expected to commence steel cutting in May and be completed and delivered by June 2023. Both ships are sized at 86,000 cubic metres capacity and the propulsion machinery of each ship will be LPG fueled, making them environmentally friendly with less emissions.

Guy Neivens, CEO of Al Seer Marine, said: “This is an exciting moment for Al Seer Marine and our partners, BGN International, as it demonstrates our commitment to global decarbonisation initiatives in our pursuit to becoming a modern, world-leading commercial shipping company. The accelerating rise in demand for oil products and gas, in a tight energy market, has resulted in exploring fleet expansion initiatives to strategically access broader opportunities within commercial shipping.”

The company aims to increase its fleet up to 20 ships 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.

Earlier in the year, Al Seer Marine launched its additive manufacturing business unit, leveraging the latest additive manufacturing technologies for the company’s in-house manufacturing of unmanned vessels and vehicles. The business unit will also develop large-scale additive manufacturing products and parts that are in high demand regionally and globally.

In recent developments, in February, Al Seer Marine also announced a sizeable investment of 375 million equity shares (Dhs1.2bn) in the AD Ports Group allocated ahead of its IPO. With this investment, the company now owns 7.36 per cent of Abu Dhabi Ports.

Read: Abu Dhabi-based Al Seer Marine invests Dhs1.2bn in AD Ports Group

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