• Al Seer Marine’s Commercial Shipping Division rapidly expands its total fleet to 18 vessels in only three years.
• Al Seer Marine and BGN JV (ABGC DMCC) take delivery of the final two dual-fuel Very Large Gas Carriers (VLGCs), Megrez and Mizar.
• The combined capacity of Megrez (86,925 CBM) and Mizar (88,000 CBM) completes the JV’s dual-fuel VLGC fleet of five vessels.
• The strategic investment positions the JV at the forefront of the global energy transition in maritime transportation, ready to meet surging demand in the gas carrier segment.

Abu Dhabi, 12^th of November 2025: Al Seer Marine (ADX: ASM), a frontrunner in advanced maritime solutions and a subsidiary of IHC, has completed the first stage of the expansion of its Commercial Shipping Division, marking a major milestone by reaching a total fleet of 18 vessels in just three years.

In partnership with BGN, one of the fastest-growing energy and commodities trading companies, Al Seer Marine has also completed its dual-fuel VLGC fleet program through their joint venture ABGC DMCC.

The delivery of the final two vessels from the 2023 order, Megrez and Mizar, on 31 October and 3 November 2025, respectively, brings the joint venture’s VLGC fleet to five vessels. This strategic achievement strengthens ABGC DMCC’s role in advancing cleaner and more efficient energy transportation.

This expansion reflects Al Seer Marine’s commitment to global leadership in maritime transport, accelerating revenue growth and reinforcing its position as one of the Middle East’s most diversified fleet owners.

Megrez (86,925 CBM) was built by Kawasaki Heavy Industries at its Sakaide Shipyard in Japan, while Mizar (88,000 CBM) was constructed by Hyundai Samho Heavy Industries in Mokpo, South Korea. Both vessels will be managed by Fleet Management Limited, Singapore, ensuring operational excellence aligned with international standards.

Guy Neivens, Chief Executive Officer of Al Seer Marine, said: “The global LPG and LNG energy supply chain is undergoing a fundamental reshaping amid ongoing geopolitical and trade disruptions. This transformation is driving higher demand in the LGC and VLGC carrier segment, which is projected to grow through 2040. Our decision to invest early in a state-of-the-art VLGC fleet has proven both timely and strategically sound. The expansion to 18 vessels in just three years is a tremendous achievement and a testament to our ambitious vision. These new vessels reinforce our competitive edge, support sustained returns, and enhance shareholder value, building on our strong first-half 2025 results marked by double-digit revenue growth and solid profitability.”

The final two vessels in the program bring ABGC DMCC’s VLGC fleet to five vessels, each equipped with dual-fuel capabilities. Megrez is designed to carry both LPG and ammonia (NH₃) cargoes, enhancing the fleet’s operational flexibility and efficiency.

Ozan Turgut, Director of Shipping at BGN, commented: “We are extremely pleased to take delivery of two new vessels in BGN’s growing fleet.  This comes only months after our last vessel, the Merak set sail on its maiden voyage delivering essential energy for our global customers.  These state-of-the-art gas carriers, continue to set new standards in technical excellence and regulatory compliance. With dual-fuel systems capable of operating on both traditional and cleaner fuels, as well as ammonia-carrying capabilities, they are built to meet today’s stringent sustainability standards. At the same time, they are technologically equipped to meet the growing demand for cleaner fuels.  This future-proofing ensures long-term commercial viability and again demonstrates BGN’s commitment to growing our business, while also decarbonizing our industry.’

The delivery of Megrez and Mizar brings Al Seer Marine’s total fleet to 18 vessels, spanning multiple segments including LPG carriers, VLGCs, VLCCs, MR tankers, bulk carriers, and product tankers. This diversified portfolio, managed through direct ownership and strategic joint ventures, delivers sustainable value to investors across key energy-transportation sectors.

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