Al Seer Marine Secures US$80 Million Financing From BOCOM Leasing For MR Tankers Betelgeuse And Bellatrix

Al Seer Marine, a key player in the maritime sector and part of International Holding Company (IHC), has secured US$80 million in financing. This funding comes from BOCOM Financial Leasing Co., Ltd, a subsidiary of China's Bank of Communications. The funds are for Al Seer Marine's newly delivered MR tankers, Betelgeuse and Bellatrix.

This marks the first time Al Seer Marine has obtained financing for its fleet from outside the UAE. The tankers are built to accommodate alternative fuels like LNG, ammonia, and methanol, aligning with current environmental standards. Each vessel has a deadweight of 49,757 MT and is designed as an IMO II/III oil and chemical tanker.

The vessels can carry six fully segregated grades of cargo. They have been chartered for five years to Reliance International DMCC. Guy Neivens, CEO of Al Seer Marine, commented on the significance of this financing deal. He stated that it is crucial for diversifying funding sources and strengthening their fleet with support from both local and international financial institutions.

Neivens highlighted that this agreement underscores the company's strong financial performance, attracting global investors like BOCOM. "Securing this financing from BOCOM Leasing is a key step in our strategy to diversify funding sources and strengthen our fleet with backing from both local and international financial institutions," he said.

The deal reflects confidence in Al Seer Marine's future revenue potential amid rising global demand for LNG and petrochemicals. As sustainable energy becomes more prevalent, Al Seer Marine aims to leverage these trends for growth. WU Jiajun, Deputy CEO of BOCOM Financial Leasing Co., Ltd, expressed enthusiasm about partnering with Al Seer Marine.

Commitment to Innovation and Sustainability

"At BOCOM, we maintain high standards in selecting projects to invest in, and Al Seer Marine is one of the companies we trust to be a long-term cooperation," WU Jiajun stated. He noted that this leasing agreement marks the start of what they expect to be a fruitful collaboration focused on innovation and sustainability.

Al Seer Marine plays a vital role in the UAE’s maritime industry by attracting significant global investment. This supports the UAE’s ambition to become a leading hub for commercial shipping. The partnership with BOCOM Leasing highlights the UAE’s appeal as an international maritime investment destination.

This collaboration further strengthens the UAE's position as an influential player in the global maritime sector. The growing industry offers new avenues for development and innovation within the region.

With inputs from WAM