ABU DHABI: Abu Dhabi-based Al Seer Marine has entered a strategic joint venture with Damen Shipyards, a leading Dutch maritime solutions company, and DTec Industries, a Singapore-based global pioneer in industrial partnerships and financial services, Emirates News Agency reported.
Combining the best maritime talent in the industry, the alliance will apply key success formulas to ventures and local partnerships to build and sell high-quality, innovative, and cost-effective vessels in the global markets.
The move is in line with Al Seer Marine’s international expansion strategy in response to global industry demand.
“The sea carries out around 80 percent of global trade by volume. The global marine vessel market is projected to grow from $170.75 billion in 2021 to $188.57 billion in 2028,” Al Seer Marine CEO Guy Neivens said.
“The collaboration with Damen Shipyards and DTec aligns well with Al Seer Marine’s strategy in becoming a global brand in developing world-class marine vessels,” Neivens added.
In the next 10 years, Al Seer Marine sees a potential of over 36.7 billion dirhams ($9.9 billion) in current markets.
The COVID-19 pandemic reduced maritime trade and transportation in the first two quarters of 2020, lowering demand for new vessel procurement.
However, the market has recovered in the last year, with new shipbuilding contracts being formed across the map.
“With the current market indicators, we are confident this strategic joint venture will play a key role in Al Seer Marine’s growth which will be a great added-value to our shareholders,” Neivens added.
