A new VLGC named “North Gas”, built by Hyundai Heavy Industries, was obtained under a $134.8 million deal signed by Al Seer’s joint venture with ABGC DMCC.
Abu Dhabi-based Al Seer Marine, a subsidiary of International Holding Company (IHC), has taken over the delivery of North Gas, a very large gas carrier (VLGC), increasing the size of its fleet to 20, all acquired in a phase of rapid expansion in the last three years.
This is the second VLGC delivery under the AED495 million ($134.8 million) deal signed by ABGC DMCC, a joint venture between Al Seer Marine and BGN International.
North Gas, with a cargo capacity of 84,326 cubic meters, was handed over to ABGC DMCC in Ulsan earlier this month. It has now commenced a decade-long charter with BGN International.
North Gas represents one of five VLGCs to be delivered within the next three years to Al Seer. The company will also assume control of six new-build medium-range (MR) chemical tankers in the next 18 months.