Al Seer Marine, a frontrunner in the maritime industry and a subsidiary of International Holding Company, has secured USD 80 million in financing from BOCOM Financial Leasing Co., Ltd (BOCOM Leasing), a subsidiary of the Bank of Communications, one of China’s largest commercial banks, for its newly delivered MR tankers, Betelgeuse and Bellatrix. This transaction represents the first financing that Al Seer Marine has secured for its shipping fleet from outside the UAE, according to the company's release.
These two tankers have been built ready for alternative fuels such as Liquefied Natural Gas (LNG), ammonia, and methanol, ensuring compliance with the latest environmental regulations. With a deadweight of 49,757 MT each, both vessels are IMO II/III oil and chemical tankers designed to carry six fully segregated grades of cargo and have been fixed on five-year time charters (TC) to Reliance International DMCC.
Al Seer Marine is an important part of the UAE’s maritime sector, contributing to attract substantial global investment and supports the UAE’s strategy to become a global hub for commercial shipping. This developing sector is creating new opportunities for growth and innovation. The cooperation between Al Seer Marine and BOCOM Leasing underscores the UAE’s status as a prime destination for international maritime investments, further reinforcing its position as a key player in the global maritime arena.