Al Seer Marine (ADX: ASM), the global player across multiple marine sectors and a subsidiary of International Holding Company (ADX: IHC), has announced the takeover of its first very large gas carrier (VLGC) “Lucky Gas” today. The 86,000 CBM Class DF LPGC was delivered fby Hyundai Heavy Industries (HHI) in Korea and is employed on a 10-year charter with BGN International DMCC.
The VLGC forms part of an AED 495 million transaction signed in 2021 by ABGC DMCC, the joint venture between Al Seer Marine and BGN International. A second VLGC, North Gas, will be delivered in September this year as part of the transaction.
“Giant Tanker markets are making waves and riding high on rising global demand. Our business vision is anchored in seizing opportunities that align with market conditions and deliver attractive returns. Today, we proudly mark the delivery of our inaugural VLGC, Lucky Gas, a testament to our ongoing investment efforts.” said Guy Neivens, CEO of Al Seer Marine.
Through agreement with ABGC DMCC, Al Seer Marine pursued portfolio diversification, driving growth for its operations and superior shareholder returns. Notably, both VLGC vessels acquired in this joint venture utilize LPG-fueled propulsion machinery, showcasing Al Seer Marine commitment to reducing carbon emissions and fostering sustainable growth within our industry.
“The successful delivery of Lucky Gas today marks another significant milestone for Hyundai Heavy Industries, underscoring our adaptability to the dynamic market conditions of the VLGC sector. The tremendous global demand for VLGCs is experiencing remarkable growth, propelled by the ongoing global energy demand and the ever tightening decarbonization regulations. In response to these challenges, we are resolutely committed to delivering LPG-fueled vessels akin to Lucky Gas, championing sustainability within our industry and offering indispensable support to our clients’ ambitious growth plans.” stated Young-Rok Cho from HHI.
ABGC DMCC hosted the naming ceremony for its Hyundai Heavy Industries (HHI) VLGC (Hull 3303) “Lucky Gas” in Ulsan, Korea earlier this month, attended by Joint Venture partners Al Seer Marine, BGN International, Builders HHI, Classification society ABS, New building project managers Seaquest Marine S.A. and Ship managers Fleet Management Limited.
Source: Al Seer Marine