Al Seer Marine adds 'Tabit', 'Rigel' MR tankers, bringing fleet to 16
These vessels feature Exhaust Gas Cleaning Systems (EGCS) and are built ready for future alternative fuels like Liquefied Natural Gas (LNG), ammonia, and methanol. They comply with strict environmental regulations, while meeting global demand for clean petroleum and chemical transport.
The delivery of Tabit and Rigel was financed through a partnership with BOCOM Financial Leasing Co., Ltd., a subsidiary of the Bank of Communications, which provided AED257.25 million (US$70 million) for this investment. This marked the third financing agreement between Al Seer Marine and BOCOM Leasing, bringing the total investment commitment to AED845.2 million ($230 million).
Guy Neivens, CEO of Al Seer Marine, said, "The partnership with BOCOM Leasing is a testament to the confidence in our vision and operational strength. With the delivery of Tabit and Rigel, the first phase of our CPP fleet expansion is now complete, with six new MR tankers fully operational and chartered, positioning Al Seer Marine for sustained revenue growth in the years ahead."
Tabit and Rigel, with a deadweight tonnage (DWT) of 49,853.6 tonnes and 49,781.8 tonnes, respectively, are classified as IMO II/III oil and chemical tankers and were engineered for optimal global operations, carrying up to six fully segregated grades of cargo.
Tabit has secured AED170 million ($46 million) time charter with HMM Co. Ltd for a five-year term. Rigel has been delivered to AED157 million ($42.8 million) time charter with Global Horizon Shipping Limited, bringing the total value of the six charters to AED 957 million ($260.4 million).
Al Seer Marine's fleet includes Liquefied Petroleum Gas (LPG) tankers, crude and product tankers, Very Large Crude Carriers (VLCCs), Medium Range (MR) tankers, and bulk carriers, ensuring safe and efficient transportation across markets.
The company operates two LPG tankers with a capacity of about 22,700 DWT and three VLCCs, each exceeding 300,000 DWT. Its modern fleet also comprises seven MR tankers, each with capacities close to 49,800 DWT, and a bulk carrier with a capacity of 37,314 DWT.
Additionally, Al Seer Marine owns two Very Large Gas Tankers (VLGC) through ABGC DMCC, a joint venture with BGN Int DMCC. The joint venture is expanding its capabilities with three newbuild Very Large Gas Carriers (VLGCs) expected by 2026, each boasting a capacity of over 51,000 DWT.
With a total fleet of 16 operational vessels and three under construction, Al Seer Marine plays a vital role in strengthening the UAE's energy and petrochemical shipping capabilities. As a key enabler of the nation's position among the world's most trusted energy exporters, the company is committed to sustaining national and regional supply chains, ensuring resilience and continuity in global energy markets.
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