Abu Dhabi’s Al Seer Marine, a subsidiary of International Holding Company, has added to its fleet portfolio two modern medium range (MR) tankers. The company took delivery of M.T. Saiph and her sister ship from K Shipbuilding Korea.
These new vessels, which are the second pair in a series of six newbuilding MR tankers, are equipped with an exhaust gas cleaning system (EGCS), and engineered to accommodate alternative fuels such as liquefied natural gas (LNG), ammonia, and methanol.
With a deadweight of 49,757 MT each, the two modern 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 five-year time charters with Reliance Industries (Middle East) DMCC, valued at $42 million per vessel, joining their sister ships Betelgeuse and Bellatrix in the charter arrangement.
With the delivery of the two modern tankers, Al Seer Marine has just two vessels remaining from the six MR tankers ordered from K Shipbuilding, with completion expected in January 2025.
The delivery is financed by BOCOM Financial Leasing Co., Ltd. (BOCOM Leasing), a subsidiary of Bank of Communications, securing US$80m-US$40m per vessel.
The partnership with BOCOM Leasing started in August 2024 with the $80m financing of MR tankers Betelgeuse and Bellatrix, bringing BOCOM’s total commitment to $160m.
“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. The expansion of our partnership with BOCOM Leasing, our first international financing partner, validates our growth trajectory and market potential,” said Guy Neivens, CEO at Al Seer Marine.
