Sun, 02 Oct 2022

ABU DHABI, 7th September, 2022 (WAM) -- Al Seer Marine, a subsidiary of International Holding Company (IHC), has announced entering 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 AED883 million 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. It is analysing expansion initiatives in product tankers, gas tankers, and dry bulk shipping sectors, with short-term plans to acquire 10 to 15 ships in 2022.

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