Al Seer Marine announces the delivery of 2 new tankers
Al Seer Marine, a frontrunner in the maritime industry and a subsidiary of International Holding Company (ADX: IHC), announced the delivery of 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.
These vessels feature Exhaust Gas Cleaning Systems (EGCS) and are built ready for future alternative fuels like Liquefied Natural Gas (LNG), ammonia, and methanol. They comply with strict environmental regulations, while meeting global demand for clean petroleum and chemical transport.
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 AED 257.25 million (USD 70 million) for this investment. This marked the third financing agreement between Al Seer Marine and BOCOM Leasing, bringing the total investment commitment to AED 845.2 million (USD 230 million).
"Our strong financial performance in 2024, with over AED 1.28 billion (USD 348.9 million) in revenue and AED 107 million (USD 29.2 million) in operational profits, has made Al Seer Marine a trusted partner for forward-thinking investors locally and globally,” said Guy Neivens, CEO of Al Seer Marine.
“The partnership with BOCOM Leasing is a testament to the confidence in our vision and operational strength. 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," he added.
Tabit and Rigel, with a deadweight tonnage (DWT) of 49,853.6 tons and 49,781.8 tons respectively, are classified as IMO II/III oil and chemical tankers and were engineered for optimal global operations, carrying up to six fully segregated grades of cargo. Tabit has secured AED 170 million (USD 46 million) time charter with HMM Co. Ltd for a five-year term. Rigel has been delivered to AED 157 million (USD 42.8 million) time charter with Global Horizon Shipping Limited, bringing the total value of the six charters to AED 957 million (USD 260.4 million).