Abu Dhabi: Al Seer Marine has partnered with B International Shipping and Logistics, an affiliate of top energy trader BGN, to launch a Joint Venture (JV) named 'ASBI Shipping FZCO'. This collaboration aims to own and operate mid-sized liquefied petroleum gas (LPG) and product tankers, thereby strengthening both regional and global LPG logistics.
According to Emirates News Agency, ASBI Shipping has acquired two 22,000 cbm semi-refrigerated LPG tankers, Alkaid and Alcor. These vessels come with a 10-year charter backed by BGN INT DMCC, a subsidiary of BGN known for trading over 50 million metric tonnes of commodities annually. The arrangement is expected to generate AED660 million (US$180 million) in revenue through 2035.
Guy Neivens, CEO of Al Seer Marine, remarked on the evolving global energy landscape, emphasizing the need for diversified and resilient access to critical commodities. He stated that this transformation is fueling demand for smaller, more flexible LPG vessels that can efficiently serve regional hubs and infrastructure-constrained ports. Neivens noted that the establishment of ASBI Shipping FZCO with B International Shipping and Logistics is a strategic move to pursue platform-based growth, allowing them to scale efficiently and extend their reach.
The joint venture has secured AED210 million ($57.2 million) in senior secured term financing from Abu Dhabi Commercial Bank (ADCB), with a seven-year tenor. This facility, secured against the vessels and their cash flows, underscores confidence in ASBI's commercial viability.
Rya Bayegan, BGN group CEO, highlighted that the charter with ASBI aligns with BGN's focus on securing transition fuel supply chains. He pointed out the necessity of smaller vessels for ports lacking VLGC infrastructure and hinted at potential further collaborations.
Mid-size vessels such as Alkaid and Alcor are crucial for servicing emerging hubs in regions like Africa, South Asia, and Southeast Asia, where 30 percent of LPG shipments depend on sub-30,000 cbm carriers. These vessels, equipped with semi-refrigerated systems and high-standard safety features, are well-suited to transport propane, butane, ammonia, and other petrochemical cargoes.
ASBI Shipping has plans to expand its fleet in response to the growing demand for flexible mid-size carriers in these critical markets. Ozan Turgut, Director of B International Shipping and Logistics, noted that with over 38 vessels under management, the company brings decades of gas carrier expertise to the JV. He emphasized the demand surge for flexible tonnage in Southeast Asia and expressed intentions to grow ASBI's fleet to meet regional demand and become a global leader in this specialized segment.
Through partnerships 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.