The Abu Dhabi-based Al Seer Marine, the ADX-listed subsidiary of IHC, has completed the first stage of the expansion of its commercial shipping division, marking a major milestone by reaching a total fleet of 18 vessels in just three years.
In partnership with energy and commodities trading company BGN, Al Seer Marine has also completed its dual-fuel VLGC fleet program through their joint venture ABGC DMCC.
The delivery of the final two vessels from the 2023 order, Megrez (86,925 cbm) and Mizar (88,000 cbm), on October 31 and November 3, 2025, respectively, brings the joint venture’s VLGC fleet to five vessels.
The vessel Megrez was built by Kawasaki Heavy Industries at its Sakaide Shipyard in Japan, while Mizar was constructed by Hyundai Samho Heavy Industries in Mokpo, South Korea.
Both vessels will be managed by Fleet Management Limited, Singapore.
Guy Neivens, chief executive officer of Al Seer Marine, said: “The global LPG and LNG energy supply chain is undergoing a fundamental reshaping amid ongoing geopolitical and trade disruptions. This transformation is driving higher demand in the LGC and VLGC carrier segment, which is projected to grow through 2040.
“Our decision to invest early in a state-of-the-art VLGC fleet has proven both timely and strategically sound. The expansion to 18 vessels in just three years is a tremendous achievement and a testament to our ambitious vision. These new vessels reinforce our competitive edge, support sustained returns, and enhance shareholder value, building on our strong first-half 2025 results marked by double-digit revenue growth and solid profitability.”
The final two vessels in the program bring ABGC DMCC’s VLGC fleet to five vessels, each equipped with dual-fuel capabilities. The vessel Megrez is designed to carry both LPG and ammonia (NH₃) cargoes.
The delivery of Megrez and Mizar brings Al Seer Marine’s total fleet to 18 vessels, spanning multiple segments including LPG carriers, VLGCs, VLCCs, MR tankers, bulk carriers, and product tankers.
