Al Seer Marine and B International Shipping and Logistics have launched a joint venture, ASBI Shipping, to own and operate mid-sized LPG and product tankers.
The company has acquired two 22,000 cbm semi-refrigerated LPG vessels, Alkaid and Alcor, backed by a 10-year charter agreement with BGN INT DMCC. ASBI said the deal is expected to generate AED660 million ($180 million) in revenue through 2035.
Abu Dhabi Commercial Bank provided AED210 million in senior secured term financing with a seven-year tenor. The loan is secured against the vessels and associated cashflows.
The vessels will be used to support LPG demand in regions with limited access to larger carriers, including ports in Africa, South Asia, and Southeast Asia. ASBI Shipping said it plans to expand its fleet to address rising demand for sub-30,000 cbm carriers.
Al Seer Marine is a subsidiary of International Holding Company, while B International is affiliated with energy trading group BGN.
