Al Seer Marine Supplies & Equipment Company P.J.S.C

Al Seer Marine and Damen International have announced the expansion of their joint venture, Dune, which will now extend beyond naval shipbuilding into the commercial maritime sector. This move aims to strengthen their position as a global leader in the industry. Established in 2022, Dune offers services such as vessel management, project management, and international maritime business facilitation. The joint venture plans to produce over 26 vessels in 2025 using advanced technologies to enhance efficiency and sustainability. The partnership leverages Al Seer Marine's facilities in Abu Dhabi and Damen's shipyards in the UAE to drive innovation and growth.

Al Seer Marine, a leading company in the maritime industry and a subsidiary of International Holding Company, has secured USD 80 million in financing from BOCOM Financial Leasing Co., Ltd, which is part of the Bank of Communications, one of China's major commercial banks. This funding, which is the company's first from outside the UAE, will support the expansion of its operations and investment in eco-friendly vessels. The financing will be used for two newly delivered MR tankers, Betelgeuse and Bellatrix, which are equipped for alternative fuels and comply with environmental regulations. These tankers are on five-year charters to Reliance International DMCC. The CEO of Al Seer Marine, Guy Neivens, stated that this deal is crucial for diversifying funding sources and demonstrates confidence in the company's future revenue potential, particularly with the increasing global demand for LNG and petrochemicals.

Al Seer Marine, a subsidiary of International Holding Company, has expanded its fleet with the delivery of two new MR tankers, M.T. Betelgeuse and M.T. Bellatrix, from K Shipbuilding Korea. These tankers are designed to carry six fully segregated grades of cargo and are built to accommodate alternative fuels like LNG, ammonia, and methanol. This acquisition is part of a series of six tankers ordered to meet the increasing demand for the transportation of clean petroleum products and chemicals. Al Seer Marine's investment strengthens its position in the UAE's maritime industry and aligns with its strategy to enhance its commercial shipping portfolio, ensuring long-term growth and adaptability in a dynamic market.

Al Seer Marine, a subsidiary of International Holding Company, has introduced a new brand identity to emphasize its role as a leader in maritime excellence. The updated identity aligns with the company's strategic focus on developing a future-proof fleet and innovative products to enhance efficiency and profitability. With AED 7.5 billion in assets, Al Seer Marine is recognized as a premier maritime center, supported by major financial and investment firms. Since its establishment in 2003, the company has built a strong network of subsidiaries and partners globally. Recent investments include advanced 3D printing capabilities and a significant AED 863 million syndicated transaction to expand its fleet. Al Seer Marine has also invested over AED 1.45 billion in Abu Dhabi Ports and ADNOC Logistics and Services, supporting the UAE’s "Projects of the 50" strategy to diversify the economy. CEO Guy Neivens highlighted the company's continuous expansion in the maritime sector and its commitment to advancing maritime excellence. The company currently manages a fleet of 20 vessels, with two LNG-ready MR tankers expected for delivery soon.

The document is a review report and interim condensed consolidated financial information for Al Seer Marine Supplies and Equipment Company PJSC, covering the six-month period ending on 30 June 2024.

Resolution No. 444 of 2024 temporarily suspends trading on the shares of Al Seer Marine Supplies & Equipment Company P.J.S.C starting from July 26, 2024, due to the company's failure to submit its financial statement. The resolution mandates all relevant departments within ADX to implement this decision and requires the resolution to be circulated to the SCA, the concerned company, all ADX departments, and accredited brokers. The resolution has been approved by the authorized person and was issued on July 26, 2024.

ALSEER Marine Supplies & Equipment Company has released its Management Discussion and Analysis Report for the period ending June 30, 2023. Additionally, the company has provided a Management Report for the period ending June 30, 2024.