Al Seer Marine acquires VLCC’s valued at AED 404mln

Al Seer Marine acquires VLCC’s valued at AED 404mln

- Acquisition on target with Al Seer Marine’s strategic expansion plans to become major global player, acquiring up to 15 ships in 2022

- New vessels have a combined carrying capacity of 640,000 DWT

- Tankers expected to provide IRR of greater than 20%

Abu Dhabi, UAE; 20 June 2022: Al Seer Marine PJSC (ASM), a global player across multiple marine sectors and subsidiary of International Holding Company (IHC), has acquired two Very Large Crude Carriers (VLCC) for its growing fleet.

With a total value of AED 404 million, 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%. This is largely due to a forecasted global increase in tonne mile demand fueled by an uptick of crude oil production by 4% in 2022, and the declining global VLCC orderbook, which is down to 5.8% of the global fleet of 440 million DWT of crude oil tankers.

Al Seer Marine has increased its fleet by acquiring 9 ships and is analyzing expansion initiatives in