Al Seer Marine, B International Shipping Form JV

Al Seer Marine, a frontrunner in the maritime industry and a subsidiary of International Holding Company (IHC), on Monday said that it has partnered with B International Shipping & Logistics, an affiliate of top energy trader BGN, to launch a Joint Venture (JV) ‘ASBI Shipping FZCO’.

This new joint venture will own and operate mid-sized liquefied petroleum gas (LPG) and product tankers, strengthening regional and global LPG logistics, Al seer Marine said in a regulatory filing with Abu Dhabi securities Exchange (ADX) this morning.

ASBI Shipping acquired two 22,000 CBM semi-refrigerated LPG tankers (Alkaid and Alcor) which are backed by a 10-year charter with BGN INT DMCC, a subsidiary of BGN that trades 50+ million metric tonnes of commodities annually. The deal guarantees $180 million in revenue through 2035.

Al seer Marine’s CEO Guy Neivens said that the global energy landscape has been evolving rapidly, reshaping how countries manage their supply chains and ensuring diversified and resilient access to critical commodities has become a strategic priority.

H said that this transformation is driving increased demand for smaller, more flexible LPG vessels that can efficiently serve regional hubs and infrastructure-constrained ports.

“To address this opportunity, we established ASBI Shipping FZCO as a joint venture with B International Shipping & Logistics, which reflects our strategy to pursue platform-based growth — enabling us to scale efficiently, extend our reach into niche segments, and partner with financial and operational stakeholders to respond more effectively to shifting market conditions,” he said.

Abu Dhabi Commercial Bank (ADCB) provided $57.2 million in senior secured term financing with a seven-year tenor. The facility is secured against the vessels and their cashflows, reflecting confidence in ASBI’s commercial viability.

BGN Group CEO Ruya Bayegan said that their charter with ASBI aligns with BGN’s focus on securing transition fuel supply chains. Smaller vessels are indispensable for ports lacking VLGC infrastructure, and we anticipate further collaborations.

By partnering with technical operators and financial institutions, Al Seer Marine continues to implement a capital-efficient expansion model that balances growth, income stability, and long-term asset value. The ASBI Shipping joint venture represents the implementation of Al Seer Marine’s strategy to develop scalable platforms focused on capturing market share in high-demand maritime segments.

Extensive Service Portfolio

Abu Dhabi-headquartered Al Seer Marine’s extensive service portfolio encompasses commercial shipping, yachting, boat building, large-scale 3D printing, unmanned vessel platforms and capabilities, and cutting-edge technological innovations.

Whether it’s operating a fleet of superyachts with luxurious precision, owning & operating a fleet of commercial vessels, employing innovative additive manufacturing processes, the company stands as a beacon of expertise, capability, and excellence, capable of transforming any maritime vision into a reality.

B International Shipping & Logistics is specialising in the ownership, technical management, and commercial operation of gas carriers and product tankers, B International Shipping & Logistics leverages over 15 years of industry experience.

The company manages a diversified fleet transporting LPG, petrochemicals, and dry bulk commodities across major global routes. As part of the BGN group of companies, B International Shipping & Logistics combines in-house maritime expertise with BGN’s energy trading capabilities to deliver safe, efficient, and environmentally responsible logistics solutions.