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Al Seer Marine Completes Profitable Two-VLCC Divestment, Reducing Average Fleet Age to 3.8 Years
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Al Seer Marine completes the sale and delivery of VLCC Twin Castor after selling Twin Pollux in September.
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Finalises a timely exit from directly owned vessels over 10 years of age amid strong second-hand tanker values.
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Effectively reduces the average age of the company’s commercial shipping fleet to approximately 3.8 years from 5.4 before the sale.
Abu Dhabi, 05 November 2026: : Al Seer Marine (ADX: ASM), a global maritime company and a subsidiary of IHC, today announced the completion of the sale and delivery of the VLCC Twin Castor, built in 2013, completing a two-vessel profitable divestment as part of the Company’s ongoing active fleet management strategy.
The sale follows that of Twin Pollux in September, capitalising on strong second-hand tanker values and finalising the Company’s exit from directly owned vessels over 10 years of age. Following the transaction, the average age of Al Seer Marine’s directly owned fleet stands at approximately 3.8 years, compared with approximately 5.4 years prior to the sales.
The remaining directly owned fleet comprises nine vessels, seven of which were built in 2020 or later. Al Seer Marine retains its presence in the crude tanker segment through the VLCC Acrux, built in 2020, alongside its fleet of MR product tankers and a bulk carrier.
Guy Neivens, CEO of Al Seer Marine, said: “Active fleet management means keeping our asset base modern, efficient, and competitive. By finalising our exit from vessels over ten years of age—culminating with the sale of Twin Castor—we have reduced the average age of our fleet to under four years while retaining our presence in the crude segment through Acrux. Maintaining a modern fleet maximises asset value, reduces maintenance expenses, and ensures readiness for future regulatory developments. We will continue to manage our portfolio with discipline, focused on creating sustainable value for our shareholders.”
Built in 2013 and with a typical operational lifespan of 25 years, the vessel was divested at its mid-life point – a strategic window where residual asset values remain robust. Following the “Twin Castor”, Al Seer Marine's commercial shipping fleet comprises 16 vessels, including 9 directly owned and 7 owned through joint ventures, featuring one VLCC, seven MR tankers, two LPG carriers, five dual-fuel VLGCs and one bulk carrier.
The transaction forms part of Al Seer Marine’s broader strategy to build a high-performing maritime portfolio through active asset management and selective investment, while continuing to strengthen its position across key verticals, including Innovation, Defence & Technologies, and Yacht Management.