Al Seer Marine Expands Fleet With Delivery Of Two New MR Tankers To Meet Growing Demand

Al Seer Marine (ASM), a subsidiary of International Holding Company (IHC), has recently expanded its fleet with the acquisition of M.T. Betelgeuse and M.T. Bellatrix. These vessels are the first in a series of six new MR tankers ordered from K Shipbuilding Korea. This expansion aims to address the increasing demand for transporting clean petroleum products and chemicals.

The order for these ships was placed in November 2022, initially comprising four IMO II/III tankers, with two more added in February 2023. This fleet enhancement strengthens Al Seer Marine's role as a significant partner and investor in leading UAE maritime companies. The company has invested over AED1.45 billion in Abu Dhabi Ports and ADNOC Logistics and Services, aligning with the UAE's "Projects of the 50" strategy.

Guy Neivens, CEO at Al Seer Marine, stated that their investment in product and chemical tankers is part of a strategic vision to diversify their fleet. "Al Seer Marine's investment in product and chemical tankers was driven by our strategic vision to diversify our fleet and capitalise on the growing demand and global trade in refined petroleum products and chemicals," he said.

Nitin Mathur, Head of Commercial Shipping at Al Seer Marine, highlighted that this investment aligns with their broader strategy to enhance their commercial shipping portfolio. "This investment aligns with the company’s broader strategy to enhance its commercial shipping portfolio, ensuring resilience and adaptability in a dynamic market environment," he noted.

Each of these six MR tankers features an Exhaust Gas Cleaning System (EGCS) and is prepared for alternative fuels like LNG, ammonia, and methanol. This readiness ensures compliance with stringent environmental regulations for years ahead. The vessels are designed to carry six fully segregated grades of cargo, showcasing advanced capabilities.

M.T. Betelgeuse and M.T. Bellatrix have a deadweight of 49,757 MT each and are chartered to Reliance Industries (Middle East) DMCC for global trading operations. These ships epitomise forward-thinking design within Al Seer Marine's fleet.

Financial Growth and Future Prospects

By mid-2024, Al Seer Marine's total assets reached AED7.5 billion, with revenue growth hitting AED580 million. Investing in modern fleets is expected to further boost these figures, supporting sustainable growth while enhancing operational efficiency.

This strategic move positions the UAE as a leader in alternative fuel supply chains. Al Seer Marine's expansion includes pioneering Unmanned Surface Vehicle (USV) services, reinforcing its leadership in the maritime sector through innovative technologies like 3D printing.

The company's commitment to sustainability supports continued growth and long-term value creation for investors and shareholders alike.

With inputs from WAM