Abu Dhabi's Al Seer Marine takes in 2 new ships from South Korea

Dubai: Abu Dhabi’s IHC owned Al Seer Marine has on-boarded two new vessels into its fleet. The M.T. Saiph and her sister-ship are from South Korea’s K Shipbuilding.

With these vessels, Al Seer Marine has its second pair of six new-build MR (medium range) tankers.

Each vessel comes with an exhaust gas cleaning system and engineered to accommodate alternative fuels such as LNG, ammonia, and methanol. These features ‘ensure future adaptability and compliance with stringent environmental regulations’ and meet global demand for clean petroleum products (CPP) and chemicals transportation.

The deliveries were financed by Bocom Financial Leasing Co., a subsidiary of Bank of Communications, securing $80 million. This agreement strengthens Al Seer Marine's partnership with Bocom Leasing, first established in August 2024 with the $80 million financing of MR tankers, the ‘Betelgeuse’ and ‘Bellatrix’, and bringing Bocom's total commitment to $160 million.

"We continue to invest strategically in product and chemical tankers, which represents one of the most promising sectors in the maritime industry,” said Guy Neivens, CEO at Al Seer Marine. “This aligns with our vision to become a global leader in meeting the surging demand for refined petroleum products and chemicals trade, a position increasingly recognised by financial markets and key investors."

Solid financials

In the first-half 2024, Al Seer Marine's total assets hit Dh7.5 billion ($2.04 billion), with revenues climbing to Dh580 million. "The expanded fleet reinforces its position as a key partner and investor in the UAE's maritime sector, complementing strategic investments exceeding Dh1.45 billion in Abu Dhabi Ports and ADNOC Logistics and Services," says a statement.