Abu Dhabi – Mubasher: Al Seer Marine Supplies and Equipment Company has partnered with B International Shipping & Logistics, an affiliate of top energy trader BGN, to launch a joint venture ‘ASBI Shipping FZCO’.

This new JV will own and operate mid-sized liquefied petroleum gas (LPG) and product tankers, fostering regional and global LPG logistics, according to a press release

The deal guarantees AED 660 million ($180 million) in revenue through 2035. Meanwhile, Abu Dhabi Commercial Bank (ADCB) granted AED 210 million ($57.20 million) in senior secured term financing with a seven-year tenor, which is secured against the vessels and their cash flows.

Guy Neivens, CEO of Al Seer Marine, commented: "The global energy landscape is evolving rapidly, reshaping how countries manage their supply chains. Ensuring diversified and resilient access to critical commodities has become a strategic priority.”

“This transformation is driving increased demand for smaller, more flexible LPG vessels that can efficiently serve regional hubs and infrastructure-constrained ports,” Neivens commented.

He elaborated: “To address this opportunity, we established ASBI Shipping FZCO as a joint venture with B International Shipping & Logistics. This reflects our strategy to pursue platform-based growth — enabling us to scale efficiently, extend our reach into niche segments, and partner with financial and operational stakeholders to respond more effectively to shifting market conditions."

ASBI Shipping acquired two 22,000 cubic meters (cbm) semi-refrigerated LPG tankers (Alkaid and Alcor), backed by a 10-year charter with BGN INT DMCC, a subsidiary of BGN.

Rüya Bayegan, CEO of BGN Group, said: "Our charter with ASBI aligns with BGN’s focus on securing transition fuel supply chains. Smaller vessels are indispensable for ports lacking VLGC infrastructure, and we anticipate further collaborations."

Mid-size vessels like Alkaid and Alcor are critical for servicing emerging hubs in Africa, South Asia, and Southeast Asia, where 30% of LPG shipments now rely on sub-30,000 cbm carriers.

Through their semi-refrigerated systems and high-standard safety features, Alkaid and Alcor are set to transport propane, butane, ammonia, and other petrochemical cargoes.

ASBI Shipping plans to expand its fleet to meet increasing demand for flexible mid-size carriers in these vital markets.

Ozan Turgut, B International Shipping & Logistics Director, said: "With 38+ vessels under management, we bring decades of gas carrier expertise to this JV. These vessels are tailored for fragmented markets, where demand for flexible tonnage has surged 10% year-on-year in Southeast Asia alone.”

“We see this as a unique market window and intend to grow ASBI's fleet to meet regional demand and become a global leader in this specialized segment,” Turgut added.

In May, the ADX-listed company penned a deal worth AED 47.60 million to deliver high-speed interceptor vessels to Albwardy Damen in Sharjah.