ZAWYA: Abu Dhabi's Al Seer Marine sets up tanker JV, secures $57mln ADCB term loan

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First published: 02-Jun-2025 09:09:17Staff WriterAbu Dhabi's Al Seer Marine, a subsidiary of International Holding Company (IHC), has set up a joint venture (JV) with B International Shipping & Logistics that will own and operate liquefied petroleum gas (LPG) and product tankers.The JV, ASBI Shipping, acquired two LPG tankers backed by a 10-year charter with BGN INT DMCC, a subsidiary of BGN, in a deal that guarantees 660 million dirhams ($180 million) in revenue through 2035, the ADX-listed shipper said.Abu Dhabi Commercial Bank (ADCB) has provided AED 210 million in senior secured term financing with a seven-year tenor, secured against the vessels and their cash flows.Al Seer Marine’s portfolio includes commercial shipping, yachting, boat building, unmanned vessel platforms and capabilities, and cutting-edge technological innovations. (Writing by Brinda Darasha; editing by Seban Scaria) [email protected] Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

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