Al Seer Marine And B International Launch ASBI Shipping FZCO Joint Venture

Al Seer Marine has partnered with B International Shipping & Logistics, linked to the energy trader BGN, to form a new joint venture named ASBI Shipping FZCO. This collaboration aims to enhance LPG logistics both regionally and globally by owning and operating mid-sized LPG and product tankers. The venture has acquired two 22,000 cbm semi-refrigerated LPG tankers, Alkaid and Alcor, secured by a 10-year charter with BGN INT DMCC.

Guy Neivens, CEO of Al Seer Marine, highlighted the evolving global energy landscape. He stated that countries are reshaping their supply chains to ensure diversified access to essential commodities. "The global energy landscape is evolving rapidly, reshaping how countries manage their supply chains," he said. This shift is increasing demand for smaller LPG vessels that can efficiently serve regional hubs and ports with infrastructure constraints.

Abu Dhabi Commercial Bank (ADCB) has provided AED210 million ($57.2 million) in senior secured term financing for ASBI Shipping. This seven-year facility is backed by the vessels and their cashflows, demonstrating confidence in the venture's commercial potential. The deal promises AED660 million (US$180 million) in revenue through 2035, reflecting strong financial backing for this initiative.

Rüya Bayegan, BGN group CEO, noted the importance of smaller vessels in securing transition fuel supply chains. "Our charter with ASBI aligns with BGN’s focus on securing transition fuel supply chains," she mentioned. These vessels are crucial for ports without VLGC infrastructure, and further collaborations are anticipated.

Ozan Turgut from B International Shipping & Logistics emphasized their extensive experience managing over 38 vessels. He pointed out that demand for flexible tonnage has surged by 10 percent annually in Southeast Asia alone. "With over 38 vessels under management, we bring decades of gas carrier expertise to this JV," Turgut said. The company plans to expand ASBI's fleet to meet regional demand and become a leader in this specialised segment.

Mid-size carriers like Alkaid and Alcor play a vital role in emerging markets across Africa, South Asia, and Southeast Asia. These regions now rely on sub-30,000 cbm carriers for 30 percent of LPG shipments. Equipped with semi-refrigerated systems and high-standard safety features, these vessels are ideal for transporting propane, butane, ammonia, and other petrochemical cargoes.

ASBI Shipping intends to grow its fleet to address the rising need for flexible mid-size carriers in key markets. By collaborating with technical operators and financial institutions, Al Seer Marine continues its capital-efficient expansion strategy. This approach balances growth with income stability while maintaining long-term asset value.

The formation of ASBI Shipping FZCO aligns with Al Seer Marine's strategy to develop scalable platforms targeting high-demand maritime segments. This joint venture represents a significant step towards capturing market share in specialised shipping sectors worldwide.

With inputs from WAM