Abu Dhabi’s Al Seer Marine signed a joint venture agreement with Damen Shipyards and financier DTec Industries, to target $10bn of newbuildings.
Commenting on the agreement, Al Seer CEO Guy Neivens said that “with the current market indicators, we are confident this strategic joint venture will play a key role in Al Seer Marine’s growth.”
The executive predicted the global marine vessel market would grow from $170.75 billion in 2021 to $188.57bn in 2028.
According to Al Seer, the venture aims to “help position the UAE as the industry centre of excellence”. The joint venture aims to sell, build and maintain marine vessels around the world, it added.
Earlier, Al Seer had bought two VLCCs in June suggesting they would provide returns of 20%. Increased oil production and a declining VLCC order book, it said, would fuel this investment.
