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Al Seer Marine and B International Shipping & Logistics Launch New JV, securing AED 660 million LPG Charter Deal with BGN
‘ASBI Shipping FZCO’ is the new joint venture between Al Seer Marine’s ASM Nautical Holding and B International Shipping & Logistics– an affiliate of the BGN group of companies
ASBI has secured two 22,000 cbm semi-refrigerated vessels, chartered for 10 years by BGN INT DMCC to serve growing LPG demand.
Abu Dhabi Commercial Bank provided AED 210M in secured term loans for the vessel purchase
Abu Dhabi, Monday 2nd June 2025:Al Seer Marine (ADX: ASM), a frontrunner in the maritime industry and a subsidiary of IHC (ADX: IHC), has partnered with B International Shipping & Logistics, an affiliate of top energy trader BGN, to launch a Joint Venture ‘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.
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 AED 660 million (USD 180 million) in revenue through 2035.
Guy Neivens, CEO of Al Seer Marine, commented: "The global energy landscape is evolving rapidly, reshaping how countries manage their supply chains. Ensuring diversified and resilient access to critical commodities has become a strategic priority. 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. This 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."
Abu Dhabi Commercial Bank (ADCB) provided AED 210 million (USD 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.
Rüya Bayegan, BGN group CEO said, "Our 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."
Mid-size vessels like Alkaid and Alcor are critical for servicing emerging hubs in Africa, South Asia, and Southeast Asia, where 30% of LPG shipments now rely on sub-30,000 cbm carriers. Featuring, semi-refrigerated systems, and high-standard safety features, Alkaid and Alcor are well suited to transport propane, butane, ammonia, and other petrochemical cargoes. ASBI Shipping plans to expand its fleet to meet this growing demand for flexible mid-size carriers in these vital markets.
Ozan Turgut, B International Shipping & Logistics Director, said: "With 38+ vessels under management, we bring decades of gas carrier expertise to this JV. These vessels are tailored for fragmented markets, where demand for flexible tonnage has surged 10% year-on-year in Southeast Asia alone. We see this as a unique market window and intend to grow ASBI's fleet to meet regional demand and become a global leader in this specialised segment."
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.