UAE’s Al Seer Marine announces completion of financing two VLGCs
UAE’s Al Seer Marine Supplies & Equipment Company announced the completion of a 495 million dirhams financing transaction for the construction of its two very large gas carriers (VLGCs).
The deal is expected to help strengthen the company’s long-term liquidity and boost its return on investment, leaving it well-positioned for our next set of acquisitions.
According to the company’s statement, the transaction was agreed upon and signed by ABGC DMCC, the joint-venture firm of Al Seer Marine and BGN International, energy, trading, storage, and transportation company. The financing was arranged by Abu Dhabi Islamic Bank PJSC.
ABGC has the two new VLGCs on order with Hyundai Heavy Industries in Korea. The first VLGC, Lucky Gas, had its steel cutting ceremony on 21 March and is expected to be completed and delivered by March 2023.
Al Seer stated that the second VLGC, named North Gas, is expected to commence steel cutting in May 2022 and be completed and delivered by June 2023.
Both ships are sized at 86,000 cubic meters capacity and the propulsion machinery of each ship will be LPG fueled.
Holman Fenwick Willan (HFW), a legal firm, acted on behalf of Al Seer Marine.