emirates7 - Al Seer Marine has received the M.T. Saiph and its sister vessel from K Shipbuilding Korea, marking the second pair of six new medium-range (MR) tankers in their fleet expansion. These cutting-edge ships are equipped with Exhaust Gas Cleaning Systems (EGCS) and are designed to support alternative fuels such as Liquefied Natural Gas (LNG), ammonia, and methanol, ensuring compliance with evolving environmental standards and readiness for future energy transitions.
The vessels address the rising global demand for clean petroleum products (CPP) and chemical transportation. Each has a deadweight of 49,757 metric tons and is classified as an IMO II/III oil and chemical tanker, capable of carrying six fully segregated grades of cargo, offering operational versatility on a global scale. Their advanced design facilitates navigation through key maritime routes and provides seamless access to major international ports.
Financing for the delivery was secured through BOCOM Financial Leasing Co., Ltd. (BOCOM Leasing), a subsidiary of China's Bank of Communications, amounting to $80 million—$40 million per vessel. This agreement further strengthens Al Seer Marine's collaboration with BOCOM Leasing, which began in August 2024 with financing for the MR tankers Betelgeuse and Bellatrix. With this latest transaction, BOCOM Leasing's total commitment to Al Seer Marine has reached $160 million.
Guy Neivens, CEO of Al Seer Marine, emphasized the company's strategic focus on investing in product and chemical tankers, a highly promising sector in the maritime industry. "Our partnership with BOCOM Leasing, our first international financing partner, underscores our growth potential and aligns with our vision to lead in the global refined petroleum and chemical transportation markets," he stated.
Both M.T. Saiph and its sister ship have secured five-year time charters with Reliance Industries (Middle East) DMCC, valued at $42 million per vessel. These contracts complement similar charters for their sister vessels, Betelgeuse and Bellatrix.
With the addition of these two tankers, only two vessels remain in the six-tanker order from K Shipbuilding, with their delivery anticipated in January 2025. These forthcoming vessels are expected to further bolster Al Seer Marine's commercial revenues.
In the first half of 2024, Al Seer Marine reported strong financial performance, with total assets reaching AED 7.5 billion ($2.04 billion) and revenues climbing to AED 580 million ($158 million). The company’s expanded fleet reinforces its pivotal role in the UAE’s maritime sector, complementing strategic investments exceeding AED 1.45 billion ($395.1 million) in Abu Dhabi Ports and ADNOC Logistics and Services.
The vessels address the rising global demand for clean petroleum products (CPP) and chemical transportation. Each has a deadweight of 49,757 metric tons and is classified as an IMO II/III oil and chemical tanker, capable of carrying six fully segregated grades of cargo, offering operational versatility on a global scale. Their advanced design facilitates navigation through key maritime routes and provides seamless access to major international ports.
Financing for the delivery was secured through BOCOM Financial Leasing Co., Ltd. (BOCOM Leasing), a subsidiary of China's Bank of Communications, amounting to $80 million—$40 million per vessel. This agreement further strengthens Al Seer Marine's collaboration with BOCOM Leasing, which began in August 2024 with financing for the MR tankers Betelgeuse and Bellatrix. With this latest transaction, BOCOM Leasing's total commitment to Al Seer Marine has reached $160 million.
Guy Neivens, CEO of Al Seer Marine, emphasized the company's strategic focus on investing in product and chemical tankers, a highly promising sector in the maritime industry. "Our partnership with BOCOM Leasing, our first international financing partner, underscores our growth potential and aligns with our vision to lead in the global refined petroleum and chemical transportation markets," he stated.
Both M.T. Saiph and its sister ship have secured five-year time charters with Reliance Industries (Middle East) DMCC, valued at $42 million per vessel. These contracts complement similar charters for their sister vessels, Betelgeuse and Bellatrix.
With the addition of these two tankers, only two vessels remain in the six-tanker order from K Shipbuilding, with their delivery anticipated in January 2025. These forthcoming vessels are expected to further bolster Al Seer Marine's commercial revenues.
In the first half of 2024, Al Seer Marine reported strong financial performance, with total assets reaching AED 7.5 billion ($2.04 billion) and revenues climbing to AED 580 million ($158 million). The company’s expanded fleet reinforces its pivotal role in the UAE’s maritime sector, complementing strategic investments exceeding AED 1.45 billion ($395.1 million) in Abu Dhabi Ports and ADNOC Logistics and Services.