Secure AED 660mn LPG charter deal with BGN
This new joint venture will own and operate mid-sized liquefied petroleum gas (LPG) and product tankers, strengthening regional and global LPG logistics.
ASBI Shipping acquired two 22,000 cbm semi-refrigerated LPG tankers (Alkaid and Alcor) which are backed by a 10-year charter with BGN INT DMCC, a subsidiary of BGN that trades 50+mn MTof commodities annually. The deal guarantees AED 660mn (US$ 180mn) in revenue through 2035, according to a press release.
Platform-based growth
“Ensuring diversified and resilient access to critical commodities has become a strategic priority. This reflects our strategy to pursue platform-based growth, enabling us to scale efficiently, and partner with financial and operational stakeholders to respond more effectively to shifting market conditions,” commented Guy Neivens, CEO, Al Seer Marine.
“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,” stated Rüya Bayegan, Group CEO, BGN.
Mid-size vessels like Alkaid and Alcor are critical for servicing emerging hubs in Africa, South Asia, and Southeast Asia, where 30% of LPG shipments now rely on sub-30,000 cbm carriers.
Ozan Turgut, B International Shipping & Logistics Director, said: “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..”
