Al Seer Marine to expand bulk cargo freight solutions globally

Company's subsidiary plans to transport approximately 2 to 3 million tonnes of bulk cargoes in 2022

Al Seer Marine, a subsidiary of International Holding Company, is rapidly expanding in the commercial shipping segment to provide freight solutions for bulk cargoes globally. Photo: Al Seer Marine
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Al Seer Marine, a subsidiary of Abu Dhabi-based International Holding Company, is expanding its freight solutions for bulk cargoes globally to meet growing demand.

ASM Chartering, a subsidiary of Al Seer Marine, plans to transport about two to three million tonnes of bulk cargoes in 2022, the company said in a statement on Monday to the Abu Dhabi Securities Exchange, where its shares are traded.

Currently, ASM manages a total of five dry bulk and general cargo ships and provides freight solutions to an international mining group for about 850,000 metric tonnes of iron ore from Asia Pacific to East Asia.

Al Seer Marine is in negotiations for a long-term contract for carriage of two million tonnes annually, the statement said.

“We have seen a global rise in demand for dry bulk tonne-mile trade, with 2021 recording a 3.7 per cent increase, while this year, continued growth is forecast at about 1.4 per cent,” said Guy Neivens, chief executive of Al Seer Marine.

“Al Seer Marine will capitalise on this trend and increase our capacity, transporting about two to three million tonnes of bulk cargoes in 2022.”

The company is working on consolidating cargo volumes and plans to establish a commercial maritime business through strategic partnerships across the Middle East, he said.

Al Seer Marine, which had assets worth Dh7.37 billion ($2bn) at the end of March 2022, has a diversified portfolio and offers services including management and training, construction of vessels, high-tech boatbuilding, unmanned systems development and manufacturing.

It is rapidly expanding in the commercial shipping segment and plans to acquire up to 15 ships in 2022 to boost its global operations in the sector.

The company recently acquired two liquefied petroleum gas tankers valued at a combined Dh246 million and has large gas carriers currently under construction as part of a joint venture with BGN International.

Al Seer's parent company, IHC, is majority-owned by Abu Dhabi's PAL group of companies. The conglomerate includes more than 30 entities with 22,345 employees and is diversifying its holdings across sectors such as property, agriculture, health care, food and beverage, utilities, retail and leisure.

Updated: July 25, 2022, 2:42 PM