ABU DHABI, 8th September / WAM/ Al-Seer Marine Equipment and Supplies Company “Al Sir Marine” has announced a partnership agreement with BGN International, under which a fleet of supertankers dedicated to transporting liquefied petroleum gas will be acquired at a value of 624 million dirhams.
The two companies agreed to assign the South Korean company, Hyundai Heavy Industries, to build two new LPG tankers, each with a capacity of 86,000 cubic meters, to be delivered during the first and second quarters of 2023, respectively. The two new tankers will be equipped with propulsion and steering engines running on LPG fuel, which will reinforce their commitment to protecting the environment and reducing their carbon footprint.
Riyadh Al-Kindi, Chairman of Al-Seer Marine, said: “The continued global demand for clean energy sources, such as LPG in emerging markets, calls for laying the foundations of a strong infrastructure that includes large-scale tankers dedicated to LPG. With the International Holding Company, the promising growth prospects in this sector in the long term, which prompted us to enter into a partnership with BGN International, one of the leading global companies specialized in the supply of energy and LPG tankers.
This partnership will bring together operational expertise, regional and financial competence in managing our initial portfolio of large-volume LPG carriers recently acquired, with promising growth potential in the markets.”
Al Kindi added: “Hyundai Heavy Industries, the world’s largest shipbuilder, has commissioned two new tankers, and based on our vision towards market demand, we will enhance our fleet, whether by acquiring other tankers or ordering the construction of new ships.”
This partnership represents a qualitative shift in the strategy of Al Sir Marine, which has invested proactively in several marine sectors, such as building high-tech boats, developing autonomous systems and manufacturing industries. The company owns the Al-Seer Marine Institute for marine and ASMTI product training, maintenance and support services, supply logistics, 24/7 yacht management and project management.
For her part, Roya Baijan, CEO of BGN International, said: “With the continued growth in demand for LPG, our efforts to expand our infrastructure are important. Our joint cooperation with International Holding Company and Al Sir Marine Company forms a partnership Another strategy that gives us a great opportunity to expand growth in the coming years.”
Al Sir Marine recognized the significant growth potential in the LPG and LNG export sector via large tankers. Generally, these tankers range in length from 250 to 300 meters, have four to six storage containers on board, and have a capacity to transport between 100,000 and 200,000 cubic meters of liquefied gas worldwide.
It is worth noting that there is a limited number of tanker ships, as there are only 312 large tankers available worldwide as of the beginning of this year, noting that there are only 18 tankers designated for storage.
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