Abu Dhabi’s Al Seer Marine acquires 2 VLCCs for $110mn to expand its fleet

Abu Dhabi’s Al Seer Marine acquires 2 VLCCs for $110mn to expand its fleet

Al Seer Marine, an Abu Dhabi-listed marine company engaged across multiple marine sectors, has acquired two Very Large Crude Carriers (VLCC) worth $110 million (Dh404 million) in order to expand its fleet.

The company said that the crude oil tankers, MV Twin Castor and MV Twin Pollux, each have a carrying capacity in the upper range of 320,000 deadweight tonnage (DWT), allowing for crude oil cargo, provisions, lubricant, and fuel.

Under current market conditions, these newly acquired tankers are expected to provide estimated returns of more than 20 percent.

Mr. Guy Neivens, CEO of Al Seer Marine said that, “This acquisition of two new crude oil tankers is strategically driven given the current market conditions, and we expect to see strong returns as oil demand recovers and ship recycling returns to normal levels.”

“With 19 percent of the existing global crude carrier supply dated at over 18 years old, they will be due for scrapping or recycling in the next few years. This will cause the global fleet numbers to shrink even further, presenting an opportune time for Al Seer Marine to expand and continue our trajectory in becoming one of the largest commercial shipping fleets in the Middle East and Asia regions,” Mr.