Abu Dhabi’s Al Seer Marine is well on its way to be regional maritime industry heavyweight

Abu Dhabi’s Al Seer Marine is well on its way to be regional maritime industry heavyweight

UAE’s maritime sector has always been of great significance, well before the discovery of oil. Livelihoods revolved around shipbuilding, fishing and pearl diving. Fast forward to now, the UAE boasts more than 20 prominent ports that occupy the status of being among the best maritime hubs anywhere. The marine industry here is currently estimated to be worth more than Dh90 billion annually. One of the leading companies is Abu Dhabi headquartered Al Seer Marine. This IHC subsidiary company has a market cap of Dh9.9 billion, offering a variety of marine services, including vessel construction, operation and refurbishment for government and private customers. Al Seer Marine has been rapidly expanding its commercial shipping business with a keen interest in product tankers, gas tankers, and dry bulk shipping sectors. Al Seer Marine demonstrated a strong financial performance for H1-2022, with revenue doubling year-on-year from Dh273 million to Dh475 million, driven by strategic investments and growing product services such as freight solutions for bulk cargo. The acquisition of Very Large Gas Carriers (VLGCs and Very Large Crude Carriers (VLCC) are expected to bolster the already extensive portfolio further and contribute to long-term earnings. The company aims to increase its fleet by acquiring 10