Al Seer Marine, BGN JV Announce Delivery Of 3rd VLGC 'Merak'

ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 18th Sep, 2025) Al Seer Marine (ASM), a frontrunner in advanced maritime solutions and a subsidiary of IHC, has announced with BGN the successful delivery of Merak, its third Very Large Gas Carrier (VLGC) equipped with ammonia-carrying capability.

The vessel was delivered through their joint venture, ABGC DMCC, underscoring the strong collaboration between the two partners in advancing maritime solutions and expanding dual-fuel fleet capacity.

Delivered on 14th August 2025 by Hyundai Samho Heavy Industries (HSHI) in the Republic of Korea, with a capacity of 86,423 CBM, the vessel further establishes Al Seer Marine’s leadership in the global shipping industry.

A syndicated sharia-compliant facility, led by the Abu Dhabi Islamic Bank (ADIB), was used to finance the purchase of the Merak and two additional VLGCs.

Managed by Fleet Management Singapore, Merak has begun its first voyage to the US Gulf to load its initial shipment of propane and butane.

Following the delivery of Merak, ABGC DMCC now anticipates the arrival of the two carriers currently under construction from its order placed in 2023: a VLGC from Korea’s Hyundai Samho Heavy Industries, expected in November 2025, and an LPG/NH3 carrier from Japan’s Kawasaki Heavy Industries, scheduled for delivery in October 2025.

Guy Neivens, Chief Executive Officer of Al Seer Marine, said, “From the outset, we recognised the significant role of alternative fuel shipping in the transition of the global energy supply.

Driven by this insight, we have shaped our strategy around fleet and cargo diversification to meet evolving market demands. This well-founded approach is reflected in the strong financial results for the first half of 2025, with a 20.2% increase in operational revenues and an 81.7% rise in gross profit. With the recent delivery of Merak, we reinforce our position at the forefront of holistic maritime solutions.”

Rüya Bayegan, BGN group CEO, commented, “We are pleased to be taking delivery of Merak, and the third in our strategic partnership with Al Seer Marine. This state-of-the-art vessel adds to our growing fleet of dual-fuel gas carriers capable of operating on both traditional fuels and lower emissions alternatives and underlines our commitment to contributing to industry-wide decarbonisation efforts. With its advanced capabilities, the Merak also supports BGN’s strategic ambitions as we build on our success in the LPG market and scale our operations to expand into ammonia trading, which has always been a key objective in our growth plans.”

With the addition of Merak, Al Seer Marine currently operates a diverse fleet of 16 vessels, through direct ownership and joint ventures, spanning LPG carriers, crude and product tankers, Very Large Crude Carriers (VLCCs), Medium Range (MR) tankers, bulk carriers, and VLGCs.

This extensive fleet provides comprehensive coverage across key energy markets and underpins sustainable revenues and strong returns for investors.