Al Seer Marine, a leading maritime company and subsidiary of International Holding Company, has announced the delivery of two new Medium Range (MR) tankers, Tabit and Rigel, completing the first phase of its fleet expansion, according to the company's release.
The vessels, built by K Shipbuilding Korea, are equipped with Exhaust Gas Cleaning Systems (EGCS) and are designed to be compatible with future alternative fuels such as LNG, ammonia, and methanol. The delivery of Tabit and Rigel was financed through a partnership with BOCOM Financial Leasing Co., Ltd. (BOCOM Leasing), a subsidiary of the Bank of Communications, which provided AED 257.25 million (USD 70 million) for this investment.
This marks the third financing agreement between Al Seer Marine and BOCOM Leasing, bringing the total investment commitment to AED 845.2 million (USD 230 million).
Tabit has secured a five-year time charter with HMM Co. Ltd worth AED 170 million (USD 46 million), while Rigel has been delivered to a five-year time charter with Global Horizon Shipping Limited worth AED 157 million (USD 42.8 million). The total value of the six charters for the new MR tankers is AED 957 million (USD 260.4 million).
With the addition of Tabit and Rigel, Al Seer Marine’s fleet now consists of 16 operational vessels, exceeding 1.5 million DWT in total capacity. The fleet includes LPG tankers, crude and product tankers, Very Large Crude Carriers (VLCCs), MR tankers, and bulk carriers. The company also has three newbuild Very Large Gas Carriers (VLGCs) expected by 2026, each with a capacity of over 51,000 DWT.
Al Seer Marine is a leading maritime company based in Abu Dhabi, specializing in the ownership and operation of tankers, bulk carriers, and gas carriers.
BOCOM Financial Leasing is a subsidiary of the Bank of Communications, providing financial leasing services and investment solutions for maritime and industrial sectors.