Abu Dhabi’s expanding Al Seer Marine, a subsidiary of International Holding Company, has struck the first financing deal for its shipping fleet from outside the United Arab Emirates.
It has secured $80m in financing from Bocom Financial Leasing Co., Ltd (Bocom Leasing), a subsidiary of the Bank of Communications, one of China’s largest commercial banks, for its newly delivered MR tankers, Betelgeuse and Bellatrix.
The two 49,757-dwt tankers, built-ready for alternative fuels such as liquefied natural gas (LNG), ammonia, and methanol, have been fixed on five-year time charters to Reliance International DMCC.
Both vessels are IMO II/III oil and chemical tankers designed to carry six fully segregated grades of cargo.
Al Seer Marine sees this deal as an opportunity to further reinforce its position as a key player in the global maritime arena.
Guy Neivens, CEO of Al Seer Marine, said the financing from Bocom Leasing is a “key step” in its strategy to diversify funding sources and strengthen its fleet, with backing from both local and international financial institutions.
“It highlights the robustness of our financial performance, which continues to attract global investors like BOCOM. This deal reflects strong confidence in the future revenue potential of Al Seer Marine, driven by the expected rise in global demand for liquefied natural gas (LNG) and petrochemicals.”
From his side the deputy chief executive of BOCOM Financial Leasing, WU Jiajun, noted: “At BOCOM, we maintain high standards in selecting projects to invest in, and Al Seer Marine is one of the companies we trust to be a long-term cooperation, delivering satisfying returns on investment.”
