Abu Dhabi, UAE: Al Seer Marine (PJSC), a global player across multiple marine sectors and subsidiary of International Holding Company (IHC), has entered into a collaboration agreement with Netbulk Pte Ltd, a one-stop maritime solution company based in Singapore, as part of its growth strategy to expand its worldwide freight services.
Founded in 2015, Netbulk provides a wide range of commercial activities including trading, chartering, consultancy and investment. It offers freight services to shippers and charterers globally. The agreement between the two companies will focus on the Middle East Asia and Asia Pacific and help clients to mitigate supply chain uncertainties through the collaboration of 10 commercially controlled ships, with further plans to increase the fleet through future partnerships or acquisitions. This collaboration is expected to provide freight services to 5 million tonnes of dry bulk cargoes in one year, with an expected turnover of US$100m.
Guy Neivens, Chief Executive Officer of Al Seer Marine, said: “Analysis of market trends show that the global dry bulk trade is increasingly growing, driving up demand for cargo freight services. By amplifying our network in Singapore in collaboration with Netbulk, Al Seer Marine continues to execute on our long-term cargo strategy through key regional initiatives while also securing control of commercial ships as we overcome supply chain challenges. Combining the expertise of our team together with Netbulk’s established cargo management, we will provide industry-leading logistical solutions and ensure our clients can access a wide range of responsive services.”
Earlier last month, Al Seer Marine announced a strong second quarter performance, recording AED 883m in profit, more than doubling for the same period last year. These solid financials are driven by Al Seer Marine’s strategic investments, diverse management and product services.
Al Seer Marine is a global leader in marine services and has been expanding rapidly in the commercial shipping segment. The company aims to increase its fleet to become the largest in the MEA market and is analyzing expansion initiatives in product tankers, gas tankers, and dry bulk shipping sectors, with short-term plans of acquiring 10 to 15 ships in 2022.
About Al Seer Marine
Al Seer Marine (ASM), founded in 2003, is listed on ADX and a leader in marine services with 1 billion paid-in capital and over 1,200 employees. Its financial results for the second quarter of 2022 reported a AED 882.97 million profit, driven by a significant rise in income from investments and acquisitions in support of its diversification strategy in the commercial maritime industry and new management and production services. It has a portfolio of services, including management and training, construction of vessels, high-tech boatbuilding, unmanned systems development, and manufacturing. These are spread across its assets, namely: ASM Boat Building Sole Proprietorship, ASM Training Institute, and ASM Services Company.
About International Holding Company (IHC)
IHC was founded in 1998, as part of an initiative to diversify and develop non-oil business sectors in the UAE and has grown to become the most valuable listed holding company in the Middle East with a market cap of AED 619 billion as of 30 June 2022. The company endeavours to implement sustainability, innovation, and economic diversification initiatives across what is now one of the region’s largest conglomerates. IHC is included in FTSE ADX 15 Index (FADX 15), which represents the top 15 largest and most liquid companies on the ADX.
IHC has a clear objective of enhancing its portfolio through acquisitions, strategic investments, and business combinations. Comprising more than 372 subsidiaries and 52,345 employees, IHC seeks to expand and diversify its holdings across a growing number of sectors, including Real Estate, Agriculture, Healthcare, Food and Beverage, Utilities, Industries, IT and Communications, Retail, Entertainment and Leisure, and Capital.
With a core strategy to enhance shareholder value and achieve growth, IHC drives operational synergies and maximizes cost efficiencies across all verticals – it also continues to evaluate investment opportunities through direct ownership and entering partnerships in the UAE and abroad. As the world changes, and new opportunities arise, IHC remains focused.