emirates7 - Al Seer Marine has joined forces with B International Shipping & Logistics, a subsidiary of leading energy trader BGN, to a joint venture named “ASBI Shipping FZCO.”
This partnership aims to own and operate mid-sized liquefied petroleum gas (LPG) and product tankers, enhancing both regional and global LPG logistics capabilities.
ASBI Shipping has acquired two 22,000 cubic meter semi-refrigerated LPG tankers, Alkaid and Alcor, which are supported by a 10-year charter agreement with BGN INT DMCC, a BGN subsidiary that trades over 50 million metric tonnes of commodities annually.
This arrangement secures AED 660 million (approximately US$180 million) in revenue through 2035.
Guy Neivens, CEO of Al Seer Marine, stated that the rapidly changing global energy landscape is reshaping supply chain management worldwide. He emphasized the strategic importance of having diversified and resilient access to essential commodities. The shift has increased demand for smaller, more agile LPG vessels capable of serving regional hubs and ports with limited infrastructure efficiently.
To capitalize on this, ASBI Shipping FZCO was formed as a joint venture with B International Shipping & Logistics, aligning with Al Seer Marine’s strategy to pursue platform-based growth. This approach allows scalable expansion, deeper penetration into niche markets, and collaboration with financial and operational partners to better adapt to evolving market dynamics.
Abu Dhabi Commercial Bank (ADCB) has extended AED 210 million (US$57.2 million) in senior secured term financing over seven years, secured against the vessels and their cashflows, underscoring confidence in ASBI’s commercial prospects.
BGN Group CEO Rüya Bayegan remarked that their charter with ASBI supports BGN’s goal to secure supply chains for transition fuels. She noted the critical role smaller vessels play in accessing ports without very large gas carrier (VLGC) infrastructure and expressed optimism about future collaborations.
Mid-sized vessels like Alkaid and Alcor are essential for servicing growing hubs in Africa, South Asia, and Southeast Asia, where nearly 30% of LPG shipments now use carriers under 30,000 cbm. Equipped with semi-refrigerated systems and advanced safety features, these vessels are suitable for transporting propane, butane, ammonia, and other petrochemicals.
ASBI Shipping plans to expand its fleet to address rising demand for flexible mid-sized carriers in these key markets.
Ozan Turgut, Director at B International Shipping & Logistics, highlighted their expertise managing over 38 gas carriers and noted the increasing demand for adaptable tonnage, especially in Southeast Asia, which has seen a 10% annual growth. He views this as a prime opportunity to grow ASBI’s fleet and establish it as a global leader in this specialized sector.
Through partnerships with technical operators and financial institutions, Al Seer Marine continues to execute a capital-efficient growth strategy that balances expansion with income stability and long-term asset value.
The creation of ASBI Shipping exemplifies Al Seer Marine’s strategy to build scalable platforms aimed at capturing significant market share in high-demand maritime segments.
This partnership aims to own and operate mid-sized liquefied petroleum gas (LPG) and product tankers, enhancing both regional and global LPG logistics capabilities.
ASBI Shipping has acquired two 22,000 cubic meter semi-refrigerated LPG tankers, Alkaid and Alcor, which are supported by a 10-year charter agreement with BGN INT DMCC, a BGN subsidiary that trades over 50 million metric tonnes of commodities annually.
This arrangement secures AED 660 million (approximately US$180 million) in revenue through 2035.
Guy Neivens, CEO of Al Seer Marine, stated that the rapidly changing global energy landscape is reshaping supply chain management worldwide. He emphasized the strategic importance of having diversified and resilient access to essential commodities. The shift has increased demand for smaller, more agile LPG vessels capable of serving regional hubs and ports with limited infrastructure efficiently.
To capitalize on this, ASBI Shipping FZCO was formed as a joint venture with B International Shipping & Logistics, aligning with Al Seer Marine’s strategy to pursue platform-based growth. This approach allows scalable expansion, deeper penetration into niche markets, and collaboration with financial and operational partners to better adapt to evolving market dynamics.
Abu Dhabi Commercial Bank (ADCB) has extended AED 210 million (US$57.2 million) in senior secured term financing over seven years, secured against the vessels and their cashflows, underscoring confidence in ASBI’s commercial prospects.
BGN Group CEO Rüya Bayegan remarked that their charter with ASBI supports BGN’s goal to secure supply chains for transition fuels. She noted the critical role smaller vessels play in accessing ports without very large gas carrier (VLGC) infrastructure and expressed optimism about future collaborations.
Mid-sized vessels like Alkaid and Alcor are essential for servicing growing hubs in Africa, South Asia, and Southeast Asia, where nearly 30% of LPG shipments now use carriers under 30,000 cbm. Equipped with semi-refrigerated systems and advanced safety features, these vessels are suitable for transporting propane, butane, ammonia, and other petrochemicals.
ASBI Shipping plans to expand its fleet to address rising demand for flexible mid-sized carriers in these key markets.
Ozan Turgut, Director at B International Shipping & Logistics, highlighted their expertise managing over 38 gas carriers and noted the increasing demand for adaptable tonnage, especially in Southeast Asia, which has seen a 10% annual growth. He views this as a prime opportunity to grow ASBI’s fleet and establish it as a global leader in this specialized sector.
Through partnerships with technical operators and financial institutions, Al Seer Marine continues to execute a capital-efficient growth strategy that balances expansion with income stability and long-term asset value.
The creation of ASBI Shipping exemplifies Al Seer Marine’s strategy to build scalable platforms aimed at capturing significant market share in high-demand maritime segments.