emirates7 - Al Seer Marine, a leader in the maritime industry and a subsidiary of International Holding Company (IHC), has announced that it has secured $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. This funding is for its newly delivered MR tankers, Betelgeuse and Bellatrix.
This marks the first time Al Seer Marine has obtained financing for its shipping fleet from an entity outside the UAE.
The two tankers are built to accommodate alternative fuels such as Liquefied Natural Gas (LNG), ammonia, and methanol, ensuring they meet the latest environmental standards. Each vessel has a deadweight of 49,757 MT and is classified as IMO II/III oil and chemical tankers, capable of transporting six fully segregated grades of cargo. They have been chartered on five-year time charters to Reliance International DMCC.
Guy Neivens, CEO of Al Seer Marine, stated, “Securing this financing from BOCOM Leasing is a significant step in our strategy to diversify our funding sources and enhance our fleet with support from both local and international financial institutions. It showcases our strong financial performance, which continues to attract global investors like BOCOM. This agreement reflects a solid confidence in Al Seer Marine's future revenue potential, driven by the anticipated increase in global demand for liquefied natural gas (LNG) and petrochemicals. As the world moves toward sustainable energy sources, we are well-positioned to leverage these trends and foster sustainable growth for our company and stakeholders.”
WU Jiajun, Deputy CEO of BOCOM Financial Leasing Co., Ltd, expressed, "At BOCOM, we adhere to stringent standards when selecting projects for investment, and we view Al Seer Marine as a trusted partner for long-term cooperation, delivering satisfactory returns. We are excited to begin this collaboration with Al Seer Marine, a company that aligns with our values of innovation and sustainability in the maritime sector. This leasing agreement signifies the start of what we expect to be a strong and mutually beneficial partnership."
Al Seer Marine plays a vital role in the UAE’s maritime sector, attracting significant global investment and supporting the UAE’s ambition to become a global hub for commercial shipping. This evolving sector is generating new opportunities for growth and innovation.
The collaboration between Al Seer Marine and BOCOM Leasing reinforces the UAE’s position as a prime destination for international maritime investments and solidifies its role as a key player in the global maritime landscape.
This marks the first time Al Seer Marine has obtained financing for its shipping fleet from an entity outside the UAE.
The two tankers are built to accommodate alternative fuels such as Liquefied Natural Gas (LNG), ammonia, and methanol, ensuring they meet the latest environmental standards. Each vessel has a deadweight of 49,757 MT and is classified as IMO II/III oil and chemical tankers, capable of transporting six fully segregated grades of cargo. They have been chartered on five-year time charters to Reliance International DMCC.
Guy Neivens, CEO of Al Seer Marine, stated, “Securing this financing from BOCOM Leasing is a significant step in our strategy to diversify our funding sources and enhance our fleet with support from both local and international financial institutions. It showcases our strong financial performance, which continues to attract global investors like BOCOM. This agreement reflects a solid confidence in Al Seer Marine's future revenue potential, driven by the anticipated increase in global demand for liquefied natural gas (LNG) and petrochemicals. As the world moves toward sustainable energy sources, we are well-positioned to leverage these trends and foster sustainable growth for our company and stakeholders.”
WU Jiajun, Deputy CEO of BOCOM Financial Leasing Co., Ltd, expressed, "At BOCOM, we adhere to stringent standards when selecting projects for investment, and we view Al Seer Marine as a trusted partner for long-term cooperation, delivering satisfactory returns. We are excited to begin this collaboration with Al Seer Marine, a company that aligns with our values of innovation and sustainability in the maritime sector. This leasing agreement signifies the start of what we expect to be a strong and mutually beneficial partnership."
Al Seer Marine plays a vital role in the UAE’s maritime sector, attracting significant global investment and supporting the UAE’s ambition to become a global hub for commercial shipping. This evolving sector is generating new opportunities for growth and innovation.
The collaboration between Al Seer Marine and BOCOM Leasing reinforces the UAE’s position as a prime destination for international maritime investments and solidifies its role as a key player in the global maritime landscape.