Al Seer Marine has acquired the Elandra Everest, which it will rename VLCC Acrux
Al Seer Marine, an International Holding Company (IHC) subsidiary, has acquired a third large VLCC in the space of four months. The latest purchase, VLCC Acrux, previously Elandra Everest, is valued at AED396 million, bringing its total VLCC fleet value to AED900 million.
The arrival of VLCC Acrux increases Al Seer Marine’s total fleet to 10 ships, as the company continues pursuing expansion initiatives in the crude, product and gas tanker, and dry bulk shipping sectors.
Guy Neivens, chief executive at Al Seer Marine, believes the investment is well-timed. He says, “The sentiment for tankers is strong, with VLCC earnings having risen consistently since June and continues an upward trajectory. Global tanker demand is expected to grow by about 5% in 2023, driven by rising production and the reorganisation of some trade routes and expect our fleet to provide returns on equity of over 20% over the lifecycle of the fleet.”
The company says it plans to acquire a further two ships in the next three months. In addition to the three VLCCs, Al Seer Marine recently acquired two liquefied petroleum gas (LPG) tankers valued at a combined AED259 million and has two 86,000 m3 Very Large Gas Carriers currently under construction as part of a joint venture with BGN International.
