ABGC DMCC, a joint venture firm of Al Seer Marine and BGN, has secured funding to support the construction of three very large gas carriers (VLGCs) in South Korea and Japan.
Abu Dhabi’s Al Seer, the ADX-listed subsidiary of the International Holding Company (IHC), and Dubai-based energy trader BGN said Abu Dhabi Islamic Bank (ADIB) led the closure in March of a $235m syndicated transaction, bringing the total financing for their joint shipbuilding programme to $370m.
The deal was backed by other lenders, including Abu Dhabi Commercial Bank (ADCB), National Bank of Fujairah (NBF), Commercial Bank of Dubai (CBD), and The Islamic Corporation for the Development of the Private Sector (ICD).
The new ships, two under construction at South Korea’s Hyundai Samho Heavy Industries and one at Japanese shipbuilder Kawasaki Heavy Industries will be delivered in 2025 and 2026.
BGN has been busy adding modern tonnage to facilitate the trade of LPG (liquefied petroleum gas), ammonia and other commodities. The jv with Al Seer has already welcomed two newbuild gas carriers in 2023 while BGN’s tie-up with Indonesia’s Pertamina International Shipping saw the delivery of two others in early 2024. The trader also recently returned to South Korean yards for another pair of 88,000 cu m VLGCs at HD Hyundai Heavy Industries in a deal worth around $236m.
