Al Seer Marine buys two VLCCs

Al Seer Marine , part of Abu Dhabi’s International Holding Company (IHC), has acquired two VLCCs, the Twin Castor and Twin Pollux, for $110m.

Al Seer Marine has increased its fleet by acquiring nine ships in recent months and is analysing expansion initiatives in crude and product tankers, gas tankers, as well as dry, aiming to snap up a total of 15 ships this year.

Guy Neivens, CEO of Al Seer Marine, said: “This acquisition of two new crude oil tankers is strategically driven given the current market conditions, and we expect to see strong returns as oil demand recovers and ship recycling returns to normal levels. With 19% of existing global crude carrier supply dated at over 18 years old, they will be due for scrapping or recycling in the next few years.

“This will cause the global fleet numbers to shrink even further, presenting an opportune time for Al Seer Marine to expand and continue our trajectory in becoming one of the largest commercial shipping fleets in the Middle East and Asia regions.”