Al Seer Marine Targets $100m in New Deal With Singapore Firm

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Abu Dhabi-based marine company Al Seer Marine has entered into a collaboration agreement with Singapore’s Netbulk to expand its worldwide freight services, reports Gulf Business.

The agreement between the two companies will focus on the Middle East, Asia and Asia Pacific, and help clients mitigate supply chain uncertainties.

Agreement to expand freight services

The mitigation will be through the collaboration of 10 commercially controlled ships, with further plans to increase the fleet through future partnerships or acquisitions. Meanwhile, the collaboration is expected to provide freight services to five million tonnes of dry bulk cargoes in one year, with an expected turnover of $100m.

A maritime solutions company, Netbulk provides several commercial activities including trading, chartering, consultancy and investment, as well as offers freight services to shippers and charterers globally.

Global dry bulk trade is growing!

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.”

Al Seer Marine, a subsidiary of International Holding Company (IHC), recorded Dhs883m in profit for Q2 2022. Al Seer Marine was also IHC’s sixth subsidiary to be listed on the Abu Dhabi Securities Exchange last year.

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Source: Gulf Business

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