Abu dhabi: Al Seer Marine (ASM) has successfully completed the first phase of its expansion in the Commercial Shipping Division, achieving a significant milestone by growing its fleet to a total of 18 vessels within a span of three years.
According to Emirates News Agency, in collaboration with BGN, a rapidly expanding energy and commodities trading company, Al Seer Marine has finalized its dual-fuel VLGC fleet program through their joint venture, ABGC DMCC. The recent delivery of the final two vessels from the 2023 order, Megrez and Mizar, on October 31 and November 3, 2025, respectively, has increased the joint venture's VLGC fleet to five. This strategic milestone enhances ABGC DMCC's capability in promoting cleaner and more efficient energy transportation.
This expansion signifies Al Seer Marine's dedication to achieving global leadership in maritime transport, accelerating revenue growth, and solidifying its status as one of the most diversified fleet owners in the Middle East. The vessel Megrez, with a capacity of 86,925 CBM, was constructed by Kawasaki Heavy Industries in Japan, while Mizar, with a capacity of 88,000 CBM, was built by Hyundai Samho Heavy Industries in South Korea. Both vessels will be managed by Fleet Management Limited, Singapore, ensuring adherence to international operational standards.
Guy Neivens, the Chief Executive Officer of Al Seer Marine, emphasized the evolving nature of the global LPG and LNG energy supply chain, which is experiencing fundamental changes due to ongoing geopolitical and trade disruptions. This transformation is driving increased demand in the LGC and VLGC carrier segment, projected to grow through 2040. Neivens highlighted the strategic timing of their investment in a state-of-the-art VLGC fleet, which has proven to be sound and timely.
The expansion to an 18-vessel fleet in just three years represents a significant achievement and underscores the company's ambitious vision. The new vessels bolster their competitive edge, support sustained returns, and enhance shareholder value, building on strong first-half 2025 results marked by double-digit revenue growth and solid profitability.
The addition of Megrez and Mizar to ABGC DMCC's VLGC fleet, each equipped with dual-fuel capabilities, enhances the fleet's operational flexibility and efficiency. Megrez is designed to transport both LPG and ammonia (NH3) cargoes.
Ozan Turgut, Director of Shipping at BGN, expressed satisfaction with the delivery of the new vessels, which follow the launch of the Merak months earlier. These gas carriers are noted for setting new standards in technical excellence and regulatory compliance, with dual-fuel systems capable of operating on both traditional and cleaner fuels. They also possess ammonia-carrying capabilities, aligning with stringent sustainability standards and preparing for the increasing demand for cleaner fuels. This approach ensures long-term commercial viability and demonstrates BGN's commitment to business growth and industry decarbonization.
The delivery of Megrez and Mizar expands Al Seer Marine's total fleet to 18 vessels, covering various segments including LPG carriers, VLGCs, VLCCs, MR tankers, bulk carriers, and product tankers. This diversified portfolio, managed through direct ownership and strategic joint ventures, offers sustainable value to investors in key energy-transportation sectors.