Al Seer Marine, a subsidiary of International Holding Company, has partnered with B International Shipping & Logistics, an affiliate of BGN, to establish a joint venture named ASBI Shipping FZCO, according to the company's release.
The venture aims to own and operate mid-sized liquefied petroleum gas (LPG) and product tankers to enhance regional and global LPG logistics.
ASBI Shipping has acquired two 22,000 cubic meter semi-refrigerated LPG tankers, Alkaid and Alcor. These vessels are chartered for a 10-year term by BGN INT DMCC, a subsidiary of BGN, which trades over 50 million metric tonnes of commodities annually. The charter agreement is valued at AED 660 million (USD 180 million) and extends through 2035.
Abu Dhabi Commercial Bank (ADCB) has provided AED 210 million (USD 57.2 million) in senior secured term financing with a seven-year tenor for the vessel acquisition.
Guy Neivens, CEO of Al Seer Marine, stated: "The global energy landscape is evolving rapidly, reshaping how countries manage their supply chains. Ensuring diversified and resilient access to critical commodities has become a strategic priority. This transformation is driving increased demand for smaller, more flexible LPG vessels that can efficiently serve regional hubs and infrastructure-constrained ports. To address this opportunity, we established ASBI Shipping FZCO as a joint venture with B International Shipping & Logistics. This reflects our strategy to pursue platform-based growth — enabling us to scale efficiently, extend our reach into niche segments, and partner with financial and operational stakeholders to respond more effectively to shifting market conditions."
Rüya Bayegan, CEO of BGN, commented: "Our charter with ASBI aligns with BGN’s focus on securing transition fuel supply chains. Smaller vessels are indispensable for ports lacking VLGC infrastructure, and we anticipate further collaborations."
The mid-size vessels Alkaid and Alcor are designed to service emerging hubs in Africa, South Asia, and Southeast Asia, where approximately 30% of LPG shipments utilize carriers under 30,000 cbm. Equipped with semi-refrigerated systems and high-standard safety features, these vessels are suitable for transporting propane, butane, ammonia, and other petrochemical cargoes.
ASBI Shipping plans to expand its fleet to meet the growing demand for flexible mid-size carriers in these markets.
Ozan Turgut, Director at B International Shipping & Logistics, added: "With 38+ vessels under management, we bring decades of gas carrier expertise to this JV. These vessels are tailored for fragmented markets, where demand for flexible tonnage has surged 10% year-on-year in Southeast Asia alone. We see this as a unique market window and intend to grow ASBI's fleet to meet regional demand and become a global leader in this specialised segment."
Established in 2003 and headquartered in Abu Dhabi, Al Seer Marine is a publicly listed company on the Abu Dhabi Securities Exchange and a subsidiary of International Holding Company (IHC). The company operates across multiple marine sectors, including vessel management, high-tech boatbuilding, unmanned systems development, and manufacturing. As of March 2025, the company operates 16 vessels with a total capacity exceeding 1.5 million DWT.
B International Shipping & Logistics is an affiliate of BGN, a global energy trading company. The company specializes in the management and operation of gas carriers, with a fleet of over 38 vessels. B International brings decades of expertise in gas carrier operations, focusing on servicing fragmented markets and infrastructure-constrained ports.
BGN is a fully integrated energy trading company with a global presence in over 120 countries. Headquartered in Dubai, BGN operates 23 regional offices in strategic markets, including Houston, Geneva, Singapore, and Morocco.