K Shipbuilding receives $175m order from Al Seer Marine for the construction of four tankers
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Al Seer Marine, a unit of Abu Dhabi-based International Holding Company, has placed an order worth Dh643 million ($175m) for the construction of four new tankers as the company continues to focus on expanding its fleet to boost growth, according to the company's release.
The medium-range “IMO II/III product tankers” will be built by Korea's K Shipbuilding at Jinhae Shipyard, Al Seer Marine said on Tuesday in a regulatory filing to the Abu Dhabi Securities Exchange, where its shares are traded.
The new ships are expected to be delivered before the end of the fourth quarter of 2024.
With the latest order, Al Seer Marine's fleet totals 12 vessels, boosting its value to more than Dh2.3 billion.
Al Seer Marine, which had assets worth Dh11.5bn at the end of June, has a diversified portfolio and offers services such as management and training, high-tech boatbuilding, unmanned systems development and manufacturing.
The company this year acquired two liquefied petroleum gas tankers valued at a combined Dh246m and has large gas carriers currently under construction as part of a joint venture with BGN International. It is also expanding its freight solutions for bulk cargo globally to meet growing demand.
Al Seer Marine aims to close Dh36.7bn worth of maritime deals in the next 10 years, it said in October.
The new tankers are being designed to be ready to adapt to new fuels such as ammonia and methanol amid transition efforts, the company said.