Al Seer Marine records 82% drop to its bottom line, while revenues shoot up

The UAE’s Al Seer Marine reported an 82% y-o-y net loss of AED 296 mn in 1H 2025, according to an earnings release (pdf) . On the other hand, the firm’s top line hiked up 20.2% y-o-y to AED 698 mn, driven by operational expansions and growth.

Behind the numbers: The firm attributed the revenue boost to its diversification strategy across several sectors, including its operation of six new MR tankers and the development of a new JV — ASBI Shipping — with B International Shipping and Logistics, an affiliate of Geneva-based energy trader BGN Energy.

The firm might have been sustaining losses…: Al Seer Marine recorded losses of nearly AED 1.5 bn in 2024, an almost 43% wider loss than the previous year by our calculation. The UAE-based maritime player's top line, however, increased 4% y-o-y to AED 1.28 bn during the same period.

…but it's making room for expansions: Al Seer Marine secured an AED 760 mn (USD 207 mn) facility from Abu Dhabi Commercial Bank to support its portfolio expansion earlier this month. Earlier this year, ADCB provided an AED 210 mn (USD 57 mn) loan to ASBI Shipping to help fund the acquisition of small and midsize LPG tankers.