Abu Dhabi-based Al Seer Marine announced on November 5 that it had completed the sale and delivery of the 2013-built very large crude carrier (VLCC) Twin Castor.
The transaction follows the company's sale of Twin Pollux in September. Al Seer Marine said the two disposals benefited from high values in the second-hand tanker market and left it without directly owned vessels older than ten years.
The company said Twin Castor was sold halfway through a typical 25-year operational lifespan, at a point when its remaining asset value was still robust.
Of the nine vessels Al Seer Marine directly owns, seven were built in 2020 or later. Its average fleet age is now approximately 3.8 years, down from approximately 5.4 years before the sales.
The company continues to operate the 299,999 DWT crude tanker Acrux, built in 2020, alongside its medium-range (MR) product tankers and a bulk carrier.
"Maintaining a modern fleet maximises asset value, reduces maintenance expenses, and ensures readiness for future regulatory developments," said CEO Guy Neivens.
The commercial shipping fleet now totals 16 vessels: one VLCC, seven MR tankers, a bulk carrier, two liquefied petroleum gas (LPG) carriers and five dual-fuel very large gas carriers (VLGC). Seven of these are held through joint ventures.
Al Seer Marine moved its VLCCs from the spot market to long-term time charters from late 2023. The company is a subsidiary of IHC.
