Home Business ‘Al Seer Marine’ commenced construction of its first Very Large Gas Carrier

‘Al Seer Marine’ commenced construction of its first Very Large Gas Carrier

by Dubai Forum
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ABU DHABI, 11th April, 2022 (WAM) — Al Seer Marine (ASM), a global player across multiple marine sectors and a subsidiary of International Holding Company (IHC), performed the steel cutting ceremony for its first Very Large Gas Carrier (VLGC), named Lucky Gas.

Last year, Al Seer Marine formed a joint venture – named ABGC DMCC, with BGN International – to build two new VLGCs. It 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 United States.

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 2022 and be completed and delivered by June 2023. Both ships are sized at 86,000 cubic metres capacity. Each ship’s propulsion machinery will be LPG fueled, making them environmentally friendly with fewer 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. In a tight energy market, the accelerating rise in demand for oil products and gas has resulted in exploring fleet expansion initiatives to access broader opportunities within commercial shipping strategically.”

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 in 2022.

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 in high-demand regionally and globally.

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