Shipowners Al Seer Marine and Netbulk are teaming up to expand their bulker fleets and cargo volumes.
Abu Dhabi-listed Al Seer has signed a deal to carry 5m tonnes of dry cargo in 2022 with the Singapore operator and trader.
The Middle East owner is targeting revenue of $100m from the agreement.
Netbulk, which describes itself as a one-stop maritime solution company, was founded in 2015 and provides trading, chartering, consultancy and investment services.
The company has seven ships from supramax to capesize under management with Al Seer, and also owns a container vessel.
“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,” the companies said.
Al Seer had already pledged to build its dry cargo business globally, while focusing on the Middle East in particular.
It has an existing contract to carry 850,000 tonnes of iron ore for an unnamed international mining group each year from the Asia Pacific region to East Asia.
Al Seer chief executive Guy Neivens said: “Analysis of market trends show that the global dry bulk trade is increasingly growing, driving up demand for cargo freight services.”
Amplifying the network
“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,” he added.
The group came to prominence when it snapped up two VLCCs and two LPG carriers sold by sanctioned Russian state shipowner Sovcomflot (SCF Group) earlier this year to repay European bank loans.
The company is already planning to increase its fleet to become the largest in the Middle East and North Africa market, with expansion planned in product tankers, gas tankers and dry bulk.
Short-term plans include acquiring between 10 and 15 ships in 2022.
Two VLGCs are on order through a joint venture.
Al Seer is a subsidiary of Abu Dhabi industrial conglomerate International Holding Co.
