Al Seer Marine Expands Fleet To 16 With Delivery Of Tabit And Rigel MR Tankers

Al Seer Marine, a subsidiary of International Holding Company, has completed the delivery of its final two Medium Range (MR) tankers, Tabit and Rigel. These vessels are part of a six-tanker series ordered from K Shipbuilding Korea. Equipped with Exhaust Gas Cleaning Systems (EGCS), they are prepared for future fuels like LNG, ammonia, and methanol, aligning with stringent environmental standards.

The financing for Tabit and Rigel was secured through BOCOM Financial Leasing Co., Ltd., a Bank of Communications subsidiary. This partnership provided AED257.25 million (US$70 million) for the investment. This deal marks the third collaboration between Al Seer Marine and BOCOM Leasing, bringing their total investment to AED845.2 million ($230 million).

Guy Neivens, CEO of Al Seer Marine, stated, "The partnership with BOCOM Leasing is a testament to the confidence in our vision and operational strength." With these deliveries, Al Seer Marine completes the first phase of its fleet expansion. All six MR tankers are now operational and chartered, setting the stage for sustained revenue growth.

Tabit has entered into a five-year time charter with HMM Co. Ltd valued at AED170 million ($46 million). Meanwhile, Rigel is under a time charter with Global Horizon Shipping Limited worth AED157 million ($42.8 million). The total value of these six charters amounts to AED957 million ($260.4 million).

Al Seer Marine's fleet includes LPG tankers, crude and product tankers, Very Large Crude Carriers (VLCCs), MR tankers, and bulk carriers. This diverse fleet ensures safe transportation across various markets. The company operates two LPG tankers with around 22,700 DWT capacity each and three VLCCs exceeding 300,000 DWT each.

The modern fleet also comprises seven MR tankers with capacities near 49,800 DWT each and a bulk carrier with a capacity of 37,314 DWT. Additionally, through ABGC DMCC—a joint venture with BGN Int DMCC—Al Seer Marine owns two Very Large Gas Tankers (VLGC).

Future Developments

The joint venture plans to expand further by introducing three newbuild VLGCs by 2026. Each will have a capacity exceeding 51,000 DWT. With 16 operational vessels and three under construction, Al Seer Marine significantly enhances the UAE's energy shipping capabilities.

These developments reinforce the UAE's status as a reliable energy exporter globally. Al Seer Marine remains committed to maintaining robust national and regional supply chains to ensure resilience in global energy markets.

With inputs from WAM