Middle East shipowner Al Seer Marine has logged what it calls an “astounding” profit after building up its fleet last year.

Previously a shipbuilder and manager, Al Seer has entered shipowning in a big way in recent times, buying two VLCCs and two LPG carriers from sanctioned Russian state group Sovcomflot, as well as ordering VLGCs and developing bulker alliances.

Gross profit was up 72% for 2022 at AED 141.9m ($38.7m), compared with AED 82.3m the year before.

A revenue record of AED 1.1bn was also achieved, up 79% from 2021.

The company attributed the rise to growing demand and acquisitions of new businesses and partnerships.

The Abu Dhabi-listed group said net profit fell to AED 1bn from AED 2.5bn in the previous year, when it was boosted by a change in the fair value of its investments of AED 2.46bn.

Total assets amounted to a “whopping” AED 9.61bn at year-end, it said, up from AED 6.12bn a year ago.

Chief executive Guy Neivens said the performance showed the owner’s commitment to expanding business partnerships and building greater profitability for the end of 2023.

“The 2022 accomplishment provides Al Seer Marine and its dedicated team with a solid platform and scale to drive forward its growth ambitions in the future. I have full confidence that this year will reveal new record milestones achieved,” he added.

Al Seer has ordered two VLCCs and bought another, the Elandra Everest. Photo: LSC

Al Seer Marine said it is swiftly becoming a key global maritime player as it continues to grow its tanker fleet. Its vessels are valued today at more than AED 2.4bn.

The latest addition was an MR tanker, the 49,200-dwt Kokako (built 2017), bought for AED 132m from Singapore’s ASP Holdings this month.

A third VLCC, the 300,000-dwt Elandra Everest (built 2020), was purchased in October from Vitol-backed Elandra Tankers and renamed Acrux.

On the gas front, Al Seer is a joint venture partner with BGN in ABGC DMCC, building two VLGCs that will operate for the energy trader.

Over the course of 2022, it took on the commercial management of two Thai-owned supramax bulkers, which it operates along with its directly owned 37,900-dwt bulk carrier Ceres One (built 2017).

Al Seer is a wholly owned subsidiary of Abu Dhabi-based financial investment powerhouse International Holding Co.