Al Seer Marine has taken delivery of M.T. Saiph and its sister ship from K Shipbuilding Korea, the second pair in a series of six newbuilding MR tankers. The vessels are equipped with Exhaust Gas Cleaning Systems (EGCS) and designed to accommodate alternative fuels, including LNG, ammonia, and methanol, ensuring compliance with environmental regulations and future adaptability to market demands.
Each vessel, with a deadweight of 49,757 MT, is classified as an IMO II/III oil and chemical tanker capable of carrying six fully segregated grades of cargo, offering flexibility for global operations and unrestricted access to major ports and strategic routes.
The acquisition is financed by BOCOM Financial Leasing Co., Ltd., a subsidiary of China’s Bank of Communications, through a $80 million agreement—$40 million per vessel. This extends BOCOM’s total financing for Al Seer Marine to $160 million, following the funding of MR tankers Betelgeuse and Bellatrix earlier in 2024.
“The expansion of our partnership with BOCOM Leasing, our first international financing partner, validates our growth trajectory and market potential,” said Guy Neivens, CEO of Al Seer Marine. “This aligns with our vision to become a global leader in meeting the surging demand for refined petroleum products and chemicals trade, a position increasingly recognised by financial markets and key investors.”
Both tankers have secured five-year time charters with Reliance Industries (Middle East) DMCC, valued at $42 million per vessel. They join their sister ships, Betelgeuse and Bellatrix, in the charter arrangement, ensuring consistent revenues.
With the delivery of these vessels, Al Seer Marine now awaits the final two ships in the series, which are scheduled for delivery in January 2025. The expanded fleet is expected to enhance the company’s commercial revenues further.
In the first half of 2024, Al Seer Marine reported total assets of Dh7.5 billion ($2.04 billion) and revenues of Dh580 million ($158 million). The company’s strategic investments, exceeding Dh1.45 billion ($395.1 million), include key stakes in Abu Dhabi Ports and ADNOC Logistics and Services, reinforcing its role as a significant player in the UAE’s maritime sector.
