Al Seer Marine receives future marine fuels ready MR tanker duo

Abu Dhabi-based shipping firm Al Seer Marine, a subsidiary of International Holding Company, on 20 December said it has taken delivery of M.T. Saiph and her sister ship from K Shipbuilding Korea.

The MR tankers are the second pair in a series of six newbuildings. Each vessel is equipped with an Exhaust Gas Cleaning System (EGCS) and engineered to accommodate alternative bunker fuels such as Liquefied Natural Gas (LNG), ammonia, and methanol.

With a deadweight of 49,757 MT each, the two vessels are IMO II/III oil and chemical tankers carefully engineered to carry six fully segregated grades of cargo for optimal global operations.

Both tankers have secured 5-year time charters with Reliance Industries (Middle East) DMCC, valued at USD 42 million per vessel, joining their sister ships Betelgeuse and Bellatrix in the charter arrangement.

The delivery is financed by BOCOM Financial Leasing Co., Ltd. (BOCOM Leasing), a subsidiary of Bank of Communications, securing a total of USD 80 million (USD 40 million per vessel).

“At Al Seer Marine, we continue to invest strategically in product and chemical tankers, which represents one of the most promising sectors in the maritime industry,” stated Guy Neivens, CEO at Al Seer Marine.

“The expansion of our partnership with BOCOM Leasing, our first international financing partner, validates our growth trajectory and market potential.

“This aligns with our vision to become a global leader in meeting the surging demand for refined petroleum products and chemicals trade, a position increasingly recognised by financial markets and key investors.”

Photo credit: Al Seer Marine
Published: 30 December 2024