Al Seer Marine adds 'Tabit', 'Rigel' MR tankers, bringing fleet to 16
Al Seer Marine, a frontrunner in the maritime industry and a subsidiary of International Holding Company, announced the delivery of motor tankers Tabit and Rigel, the final two vessels in its series of six new build Medium Range (MR) tankers ordered from K Shipbuilding Korea.
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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Business
6 days ago
- Arabian Business
Al Seer Marine targets smaller LPG vessels market with new JV
Al Seer Marine, a subsidiary of IHC, has launched 'ASBI Shipping FZCO', a joint venture with B International Shipping & Logistics, an affiliate of top energy trader BGN. This new joint venture will own and operate mid-sized liquefied petroleum gas (LPG) and product tankers. It has already acquired two 22,000cbm semi-refrigerated LPG tankers (Alkaid and Alcor), which are backed by a 10-year charter with BGN INT DMCC, a subsidiary of BGN that trades 50+ million metric tonnes of commodities annually. Expanding LPG shipping ventures The deal guarantees AED660 million (US$180 million) in revenue through 2035. Abu Dhabi Commercial Bank (ADCB) provided AED210 million (US$57.2 million) in senior secured term financing with a seven-year tenor for the vessel purchase. The facility is secured against the vessels and their cashflows, reflecting confidence in ASBI's commercial viability. Guy Neivens, CEO of Al Seer Marine, commented: 'The global energy landscape is evolving rapidly, reshaping how countries manage their supply chains. Ensuring diversified and resilient access to critical commodities has become a strategic priority. This transformation is driving increased demand for smaller, more flexible LPG vessels that can efficiently serve regional hubs and infrastructure-constrained ports. 'To address this opportunity, we established ASBI Shipping FZCO as a joint venture with B International Shipping & Logistics. This reflects our strategy to pursue platform-based growth – enabling us to scale efficiently, extend our reach into niche segments, and partner with financial and operational stakeholders to respond more effectively to shifting market conditions.' Mid-size vessels like Alkaid and Alcor are critical for servicing emerging hubs in Africa, South Asia, and Southeast Asia, where 30 per cent of LPG shipments now rely on sub-30,000cbm carriers. Featuring semi-refrigerated systems and high-standard safety features, Alkaid and Alcor are well suited to transport propane, butane, ammonia, and other petrochemical cargoes. Rüya Bayegan, CEO, BGN Group, added: 'Our charter with ASBI aligns with BGN's focus on securing transition fuel supply chains. Smaller vessels are indispensable for ports lacking VLGC infrastructure, and we anticipate further collaborations.' ASBI Shipping plans to expand its fleet to meet this growing demand for flexible mid-size carriers and Ozan Turgut, B International Shipping & Logistics Director, said: 'With 38+ vessels under management, we bring decades of gas carrier expertise to this JV. These vessels are tailored for fragmented markets, where demand for flexible tonnage has surged 10 per cent year-on-year in Southeast Asia alone. 'We see this as a unique market window and intend to grow ASBI's fleet to meet regional demand and become a global leader in this specialised segment.'
Al Etihad
6 days ago
- Al Etihad
Al Seer Marine and BGN affiliate launch JV to meet growing LPG demand
2 June 2025 10:09 ABU DHABI (ALETIHAD)Al Seer Marine, a subsidiary of International Holding Company (IHC), has announced the launch of a joint venture (JV) with B International Shipping & Logistics—an affiliate of energy trader BGN — to strengthen its footprint in the liquefied petroleum gas (LPG) logistics Seer Marine, a listed company on the Abu Dhabi Securities Exchange (ADX) with a market cap of Dh3.55 billion, posted a statement announcing the JV on the ADX's website. The new joint venture, named ASBI Shipping FZCO, aims to own and operate mid-sized LPG and product tankers, targeting growing demand in regional and infrastructure-constrained part of its initial operations, ASBI has acquired two 22,000 cbm semi-refrigerated LPG tankers, Alkaid and Alcor. The vessels are backed by a 10-year charter agreement with BGN INT DMCC, a subsidiary of BGN that trades over 50 million metric tonnes of commodities annually. The deal is expected to generate Dh660 million ($180 million) in revenue through on the partnership, Guy Neivens, CEO of Al Seer Marine, said, 'The global energy landscape is evolving rapidly, reshaping how countries manage their supply chains. This transformation is driving increased demand for smaller, more flexible LPG vessels that can efficiently serve regional hubs and infrastructure-constrained ports.'To support the vessel acquisition, Abu Dhabi Commercial Bank has extended Dh210 million ($57.2 million) in senior secured term financing. The seven-year facility is secured by the vessels and their associated cash flows, underlining institutional confidence in the JV's commercial to Rüya Bayegan, CEO of BGN Group,'Our charter with ASBI aligns with BGN's focus on securing transition fuel supply chains. Smaller vessels are indispensable for ports lacking VLGC infrastructure.'The vessels, equipped with semi-refrigerated systems and high-standard safety features, are designed for carrying propane, butane, ammonia, and other petrochemical cargoes. These mid-size carriers are particularly suited to serve emerging hubs across Africa, South Asia, and Southeast Asia, where 30% of LPG shipments now rely on sub-30,000 cbm Turgut, Director at B International Shipping & Logistics, highlighted the demand outlook, 'We see this as a unique market window and intend to grow ASBI's fleet to meet regional demand and become a global leader in this specialised segment.' The formation of ASBI Shipping reflects Al Seer Marine's capital-efficient expansion model, aimed at scaling through partnerships and capturing market share in high-demand maritime sectors.
Zawya
6 days ago
- Zawya
Abu Dhabi's Al Seer Marine sets up tanker JV, secures $57mln ADCB term loan
Abu Dhabi's Al Seer Marine, a subsidiary of International Holding Company (IHC), has set up a joint venture (JV) with B International Shipping & Logistics that will own and operate liquefied petroleum gas (LPG) and product tankers. The JV, ASBI Shipping, acquired two LPG tankers backed by a 10-year charter with BGN INT DMCC, a subsidiary of BGN, in a deal that guarantees 660 million dirhams ($180 million) in revenue through 2035, the ADX-listed shipper said. Abu Dhabi Commercial Bank (ADCB) has provided AED 210 million in senior secured term financing with a seven-year tenor, secured against the vessels and their cash flows. Al Seer Marine's portfolio includes commercial shipping, yachting, boat building, unmanned vessel platforms and capabilities, and cutting-edge technological innovations. (Writing by Brinda Darasha; editing by Seban Scaria)
