Photo credit: Al Seer Marine

Abu Dhabi´s Al Seer Marine, a global player across multiple marine sectors and a subsidiary of the International Holding Company, has sealed an order deal for two MR tankers, in order to expand its fleet portfolio.

The company has finalised a deal to add two more MR tankers to its fleet as part of its expansion plan.

In a regulatory filing to the Abu Dhabi Securities Exchange, where its shares are traded, the Abu Dhabi shipowner confirmed that the company have ordered two additional vessels conforming to S-1944 specifications, at K Shipbuilding in Korea.

The cost of the ordered ships, in accordance with the ADX stock market, is AED 156 million per unit.

Its not the first time that Al Seer Marine partners with K Shipbuilding, as more orders for new tankers have been placed, in order for the new ships to meet the pending environmental regulations. As the K Shipbuilding chief executive Y K Jang reveals the forecast is that “shipbuilding orders will rebound in 2024.”

Shipping Telegraph reported in January 2023 that Al Seer confirmed also the acquisition of the product tanker MT Meissa, formally known as MT Kokako, at a value of AED 132 million. The vessel, an IMO II/III product tanker built at Hyundai Mipo Dock in 2017, has been fixed on five years’ time charter, and will increase Al Seer Marine’s fleet value to more than AED 2.4 billion, according to a press release.

The Meissa is 49,000-deadweight tons, double-hull eco-designed medium-range products tanker, which was constructed by Hyundai Mipo Dockyard in Ulsan, South Korea.

The transaction aligns with Al Seer Marine’s objective to become a key player in the maritime shipping sector worldwide, as it continues to expand its tanker fleet amid increasing global oil product demand, especially as China moves away from zero-Covid policies.

Abu Dhabi´s shipowner continues its expansion plan also in the gas sector. The company has sealed major gas carrier deals. In accordance with the latest information, the shipowner has acquired a total of five gas carriers, and is expected to secure two more by the first quarter of 2023.