Abu Dhabi-based Al Seer Marine, a subsidiary of International Holding Company (IHC), and B International Shipping & Logistics, an affiliate of energy trader BGN, have launched a new joint venture (JV) to own and operate mid-sized LPG and product tankers.
ASBI Shipping FZCO: A Strategic New Venture
The new JV, named ASBI Shipping FZCO, has acquired two 22,000 cubic meter (cbm) semi-refrigerated LPG tankers, Alkaid and Alcor. These vessels will enter a 10-year charter with BGN INT DMCC, a BGN subsidiary, generating $180 million in revenue through 2035, according to Al Seer Marine.
To support the purchase, Abu Dhabi Commercial Bank (ADCB) provided $57.2 million in senior secured term financing.
Targeting Emerging Regional Hubs
Al Seer Marine emphasized the importance of mid-sized vessels like Alkaid and Alcor in servicing emerging hubs in Africa, South Asia, and Southeast Asia. Currently, 30% of LPG shipments in these regions depend on sub-30,000 cbm carriers. The ships are optimized for transporting propane, butane, ammonia, and other petrochemical cargoes, with semi-refrigerated systems and high-standard safety features.
ASBI Shipping intends to further expand its fleet to meet the growing demand for flexible mid-size carriers in underserved markets.
Executive Insights from Al Seer Marine and BGN
Guy Neivens, CEO of Al Seer Marine, stated:
“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.”
Rüya Bayegan, CEO of BGN Group, added:
“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.”
Broader Collaboration Between BGN and Al Seer Marine
In 2024, BGN and Al Seer Marine partnered to obtain financing from Gulf-region banks for the construction of three very large gas carriers (VLGCs) in South Korea and Japan. These vessels, scheduled for delivery in 2025–26, will feature advanced technology and superior emissions performance, building on BGN’s North Gas and Lucky Gas VLGCs launched in 2023.
Meanwhile, Al Seer Marine is also expanding its existing fleet. The company recently received delivery of Tabit and Rigel, the final two units in a series of six medium-range (MR) tankers built at South Korea’s K Shipbuilding (KSB). These tankers are alternative fuel-ready, aligning with the company’s push for more sustainable marine solutions.
