Al Seer secures loan to support expansions: ADX-listed and IHC maritime solutions subsidiary Al Seer Marine secured an AED 760 mn (USD 207 mn) facility from Abu Dhabi Commercial Bank (ADCB) to support its portfolio expansion, the company said in a statement (pdf). There’s no publicly available information about the details of the term sheet, but the company said the facility was extended on “highly competitive terms.”

Use of funds: The eight-year facility comes as part of the company’s push to scale up its diversified fleet and strategic investments in areas like shipbuilding and unmanned service vehicles (USVs). The financing is backed by first-priority mortgages on a select group of operating vessels.

ICYMI- Al Seer Marine widened the scope of its shipbuilding JV with Damen International, Dune, late last year to start building commercial ships in addition to naval shipbuilding. The JV aims to build over 26 vessels for domestic and international clients at UAE manufacturing facilities — namely Al Seer Marine’s Abu Dhabi facility and Damen's shipyards in Sharjah, Fujairah, and Dubai.

The financing marks the second major transaction between the two players. Earlier this year, ADCB provided an AED 210 mn (USD 57 mn) loan to ASBI Shipping, Al Seer Marine’s JV with B International Shipping & Logistics, to help fund the acquisition of small and midsize LPG tankers.

What they said: "We're proactively optimising our capital structure to unlock high-value, high-growth potential and reinforce our role as a powerhouse in delivering the UAE's maritime vision. With this funding arrangement, we're well-placed to serve the country's momentum to accelerate investment across LNG, LPG, crude oil, and petrochemicals. ADCB's continued partnership reflects deep institutional trust in our long-term strategy," said Guy Neivens, CEO of Al Seer Marine.

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