Al Seer Marine, a subsidiary of IHC, has launched ‘ASBI Shipping FZCO’, a joint venture with B International Shipping & Logistics, an affiliate of top energy trader BGN.
This new joint venture will own and operate mid-sized liquefied petroleum gas (LPG) and product tankers. It has already acquired two 22,000cbm semi-refrigerated LPG tankers (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.
Expanding LPG shipping ventures
The deal guarantees AED660 million (US$180 million) in revenue through 2035.
Abu Dhabi Commercial Bank (ADCB) provided AED210 million (US$57.2 million) in senior secured term financing with a seven-year tenor for the vessel purchase. The facility is secured against the vessels and their cashflows, reflecting confidence in ASBI’s commercial viability.
Guy Neivens, CEO of Al Seer Marine, commented: “The global energy landscape is evolving rapidly, reshaping how countries manage their supply chains. 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. This reflects our strategy to pursue platform-based growth – enabling us to scale efficiently, extend our reach into niche segments, and partner with financial and operational stakeholders to respond more effectively to shifting market conditions.”
Mid-size vessels like Alkaid and Alcor are critical for servicing emerging hubs in Africa, South Asia, and Southeast Asia, where 30 per cent of LPG shipments now rely on sub-30,000cbm carriers. Featuring semi-refrigerated systems and high-standard safety features, Alkaid and Alcor are well suited to transport propane, butane, ammonia, and other petrochemical cargoes.
Rüya Bayegan, CEO, BGN Group, added: “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.”
ASBI Shipping plans to expand its fleet to meet this growing demand for flexible mid-size carriers and Ozan Turgut, B International Shipping & Logistics Director, said: “With 38+ vessels under management, we bring decades of gas carrier expertise to this JV. These vessels are tailored for fragmented markets, where demand for flexible tonnage has surged 10 per cent year-on-year in Southeast Asia alone.
“We see this as a unique market window and intend to grow ASBI’s fleet to meet regional demand and become a global leader in this specialised segment.”
By partnering with technical operators and financial institutions, Al Seer Marine continues to implement a capital-efficient expansion model that balances growth, income stability, and long-term asset value.
