International Holding Company (IHC) unit Al Seer Marine (ASM) has purchased two liquefied petroleum gas (LPG) tankers for AED246m ($66.9m).
The acquired LPG tankers are MT Alcor and MT Alkaid, which are anticipated to deliver an internal rate of return (IRR) of 25%.
With a capacity of 20,700m³ each, the vessels will enable ASM to better meet the transportation requirements for LPG.
To expand its commercial shipping operations, ASM plans to acquire up to 15 ships this year.
ASM CEO Guy Neivens said: “Due to its strong operating and financial position, Al Seer Marine is able to capitalise on the increasingly favourable fundamentals in global shipping, particularly in the LPG segment.
“The company is developing a robust pipeline of clients and is moving rapidly to meet fast-growing demand for charters. These transactions are building significant scale in our operations and providing attractive returns to the company and its shareholders.”
ASM bought the vessels with the support of several international banks, including ING and Bank of America.
Established in 2003, ASM provides marine services to its customers and has more than 1,200 employees.
The company also delivers vessel construction services, refurbishment and yacht management to private customers, in addition to executing public sector vessel contracts.
It posted a net profit of AED2.5bn ($680m) in 2021.