Reduces average fleet age to 3.8 years
Al Seer Marine has announced the completion of the sale and delivery of the VLCC Twin Castor, built in 2013, completing a two-vessel profitable divestment as part of the Company’s ongoing active fleet management strategy.
The sale follows that of Twin Pollux in September, capitalising on strong second-hand tanker values and finalising the Company’s exit from directly owned vessels over 10 years of age.
Following the transaction, the average age of Al Seer Marine’s directly owned fleet stands at approximately 3.8 years, compared with approximately 5.4 years prior to the sales.
Directly owned fleet
The remaining directly owned fleet comprises nine vessels, seven of which were built in 2020 or later. Al Seer Marine retains its presence in the crude tanker segment through the VLCC Acrux, built in 2020, alongside its fleet of MR product tankers and a bulk carrier.
“Active fleet management means keeping our asset base modern, efficient, and competitive. We will continue to manage our portfolio with discipline, focused on creating sustainable value for our shareholders,” stated Guy Neivens, CEO, Al Seer Marine.
Built in 2013 and with a typical operational lifespan of 25 years, the vessel was divested at its mid-life point – a strategic window where residual asset values remain robust. Following the ‘Twin Castor’, Al Seer Marine’s commercial shipping fleet comprises 16 vessels, including 9 directly owned and 7 owned through joint ventures, featuring one VLCC, seven MR tankers, two LPG carriers, five dual-fuel VLGCs and one bulk carrier.
