Abu Dhabi Securities Exchange-listed Al Seer Marine announced on 9 November 2026 that it has completed the profitable sale of two Very Large Crude Carriers (VLCCs), Twin Castor and Twin Pollux, as part of its active fleet management strategy. The transactions have reduced the average age of the company’s directly owned commercial shipping fleet from approximately 5.4 years to 3.8 years.
The company confirmed the completion of the sale and delivery of Twin Castor, a crude oil tanker built in 2013, following the earlier disposal of Twin Pollux in September 2026. Together, the transactions mark Al Seer Marine’s exit from directly owned vessels more than ten years old, allowing the company to capitalise on favourable second-hand tanker market valuations while modernising its shipping assets.
The reduction in average fleet age represents an improvement of approximately 1.6 years, equivalent to a 29.6% decrease compared with the fleet’s average age before the transactions. Al Seer Marine stated that maintaining a younger fleet supports operational efficiency, helps reduce maintenance expenses and improves preparedness for evolving maritime regulations. The disposals also reflect its strategy of managing vessel investments according to market conditions and asset values.
Following the transactions, Al Seer Marine’s directly owned commercial shipping fleet consists of nine vessels, seven of which were built in 2020 or later. The company continues operating in the crude oil tanker segment through VLCC Acrux, which was constructed in 2020. Its remaining directly owned fleet also includes medium-range product tankers and a bulk carrier, maintaining exposure to different shipping markets.
Across both directly owned vessels and joint ventures, Al Seer Marine’s commercial shipping portfolio now comprises 16 vessels. This includes one VLCC, seven medium-range product tankers, two liquefied petroleum gas carriers, five dual-fuel very large gas carriers and one bulk carrier. Nine vessels are directly owned, while seven are held through joint ventures, providing the company with a diversified commercial shipping portfolio.
Twin Castor was sold approximately 13 years after its construction, compared with a typical operational lifespan of around 25 years for vessels of its class. Al Seer Marine described the timing as a strategic mid-life disposal, allowing it to realise value from the tanker while second-hand market conditions remained favourable. The company did not disclose the sale consideration, acquisition costs or individual gains associated with either vessel.
Al Seer Marine Chief Executive Officer Guy Neivens highlighted the importance of maintaining a modern and competitive asset base. He stated that the company’s active fleet management approach focuses on maximising asset value, reducing maintenance requirements and ensuring operational readiness. The decision to sell older vessels while retaining exposure to crude oil transportation through Acrux reflects that approach.
Beyond commercial shipping, Al Seer Marine operates across yacht management, advanced maritime manufacturing, defence and maritime technologies. The company is a subsidiary of International Holding Company (IHC) and continues developing capabilities in autonomous maritime systems, specialised vessel construction and advanced manufacturing technologies. Its broader strategy combines commercial shipping investments with innovation and selective expansion across maritime-related businesses.
For shareholders, the completed transactions represent profitable asset disposals and a measurable improvement in fleet age. However, the announcement does not quantify the proceeds, accounting gains, cash flow impact or expected contribution to the company’s financial results. These details will be important in assessing the transactions’ effect on profitability and the potential redeployment of capital into newer maritime assets.
Al Seer Marine’s latest divestments demonstrate its continued focus on portfolio optimisation rather than fleet expansion alone. With a younger directly owned fleet, continued participation in crude and product tanker markets, and additional exposure through joint ventures, the company aims to maintain operational competitiveness while pursuing long-term value creation across its maritime businesses.
Disclaimer: This article is for informational purposes only and should not be construed as investment, financial, or legal advice.
