B International Shipping & Logistics, an affiliate of top energy trader BGN, has partnered with Al Seer Marine, a subsidiary of Abu Dhabi’s International Holding Company (IHC), to launch a powerful new joint venture—ASBI Shipping FZCO. This strategic alliance brings together BGN’s global trading expertise and Al Seer Marine’s maritime leadership to address growing demand for flexible, mid-size LPG and product tankers in emerging markets worldwide.
International Expansion and Trusted Partnerships
BGN, with an 80-year heritage and operations in 120 countries, is recognised as a trusted and agile international energy trader. The company moves close to 50 million tons of commodities annually, supporting energy security and supply chain resilience across five continents. ASBI Shipping’s launch underscores BGN’s commitment to long-term, scalable partnerships that drive growth and innovation in global energy logistics.
Key Highlights of the ASBI Shipping Joint Venture
- New Fleet Acquisition: ASBI Shipping has acquired two 22,000 cbm semi-refrigerated LPG tankers, Alkaid and Alcor, tailored for regional trade in Africa, South Asia, and Southeast Asia.
- Long-Term Charter: The vessels are secured on a 10-year charter with BGN INT DMCC, guaranteeing AED 660 million (approx. USD 180 million) in revenue through 2035.
- Bank-Backed Financing: Abu Dhabi Commercial Bank (ADCB) has provided AED 210 million in senior secured term financing, reflecting strong confidence in the venture’s commercial viability.
- Expert Management: B International Shipping & Logistics, an affiliate of BGN, brings over 15 years of gas carrier expertise and currently manages 38+ vessels globally.
Meeting Global Demand for Flexible Energy Logistics
Mid-size LPG carriers like those in the ASBI Shipping fleet are essential for servicing ports with limited infrastructure—a growing need in Africa, South Asia, and Southeast Asia, where 30% of LPG shipments now rely on sub-30,000 cbm vessels. The global LPG tanker market is projected to grow at a 5.26% CAGR, reaching USD 411.76 million by 2033.
“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,” said Rüya Bayegan, BGN Group CEO.
