Photo credit: Al Seer Marine
Abu Dhabi’s Al Seer Marine, the ADX-listed subsidiary of IHC, has partnered with B International Shipping & Logistics, an affiliate of energy trader BGN, to launch a joint venture, ASBI Shipping FZCO, that will own and operate mid-sized liquefied petroleum gas (LPG) and product tankers.
ASBI Shipping acquired two 22,000 cbm semi-refrigerated LPG tankers named Alkaid and Alcor, which are backed by a 10-year charter with BGN INT DMCC, a subsidiary of BGN that trades 50+ million metric tonnes of commodities annually.
The deal guarantees $180m in revenue through 2035.
Abu Dhabi Commercial Bank (ADCB) provided $57.2m in senior secured term financing with a seven-year tenor. As it is reported, the facility is secured against the vessels and their cashflows.
Guy Neivens, CEO of Al Seer Marine, noted: “Ensuring diversified and resilient access to critical commodities has become a strategic priority. This transformation is driving increased demand for smaller, more flexible LPG vessels that can efficiently serve regional hubs and infrastructure-constrained ports. To address this opportunity, we established ASBI Shipping FZCO as a joint venture with B International Shipping & Logistics.”
Mid-size vessels are critical for servicing emerging hubs in Africa, South Asia, and Southeast Asia, where 30% of LPG shipments now rely on sub-30,000 cbm carriers.
ASBI Shipping plans to expand its fleet to meet this growing demand for flexible mid-size carriers in these vital markets.
“Our charter with ASBI aligns with BGN’s focus on securing transition fuel supply chains. Smaller vessels are indispensable for ports lacking VLGC infrastructure, and we anticipate further collaborations,” said Rüya Bayegan, BGN group CEO.
