Abu Dhabi’s Al Seer Marine, a subsidiary of International Holding Company, took delivery of the motor tankers Tabit and Rigel, the final two vessels in its series of six new build medium range (MR) tankers ordered from K Shipbuilding Korea.
The company, which has completed the first stage of expansion and reached 16 vessels, said Tabit has secured $46.3m time charter with HMM Co. Ltd for a five-year term.
On the other hand, Rigel has been delivered to $42.8m time charter with Global Horizon Shipping Limited for a five-year term, bringing the total value of the six charters to $260.4m.
The two vessels, Tabit and Rigel, with a deadweight tonnage of 49,853.6 tons and 49,781.8 tons respectively, are classified as IMO II/III oil and chemical tankers, carrying up to six fully segregated grades of cargo.
These vessels feature exhaust gas cleaning systems (EGCS) and are built ready for future alternative fuels like liquefied natural gas (LNG), ammonia, and methanol.
The delivery of Tabit and Rigel was financed through a partnership with BOCOM Financial Leasing Co., Ltd. (BOCOM Leasing), a subsidiary of the Bank of Communications, which provided $70m for this investment, according to Al Seer Marine.
Photo credit: Al Seer Marine
This marked the third financing agreement between Al Seer Marine and BOCOM Leasing, bringing the total investment commitment to $230m.
With the addition of the two new vessels, Al Seer Marine’s fleet of 16 operational vessels now exceeds 1.5 million dwt in total capacity. The company has also three vessels under construction.
“With the delivery of Tabit and Rigel, the first phase of our CPP fleet expansion is now complete, with six new MR tankers fully operational and chartered, positioning Al Seer Marine for sustained revenue growth in the years ahead,” said Guy Neivens, CEO of Al Seer Marine.
The company operates two LPG tankers with capacity of about 22,700 dwt, and three VLCCs, each exceeding 300,000 dwt. Its fleet also comprises seven MR tankers, each with capacities close to 49,800 dwt, and a bulk carrier with a capacity of 37,314 dwt.
Additionally, Al Seer Marine owns two VLGC through ABGC DMCC, a joint venture with BGN Int DMCC.
The joint venture is expanding its capabilities with three newbuild VLGCs expected by 2026, each boasting a capacity of over 51,000 dwt.
