Latest news with #Tabit
Yahoo
25-03-2025
- Business
- Yahoo
Former Bittrex Execs Raise $40M in Bitcoin to Back Barbados-Licensed Insurance Firm
Tabit Insurance, a Barbados-regulated insurance company established by former executives from the now-shuttered cryptocurrency exchange Bittrex, said it raised a $40 million reserve composed entirely of bitcoin (BTC) with which to write traditional insurance and reinsurance business. The insurer, which emerged in January of this year with plans to offer bitcoin-backed liability policies for company directors and officers (D&O), claims to be the first regulated risk carrier to rely on bitcoin-only reserves to write traditional policies priced in U.S. dollars. The firm has a class 2 insurance license from the Barbados Financial Services Commission. The crossover between crypto and insurance usually involves shoehorning existing risk categories for loss and theft into covering hot and cold versions of digital assets custody. Tabit's approach is interesting because it explores ways firms and individuals can capitalize on their bitcoin holdings without getting involved in trading or incurring significant counterparty risk. Tabit co-founder and CEO Stephen Stonberg said bitcoin holders are invited to contribute assets to the firm's system of segregated reserve cells, which is managed using non-custodial tech from Fireblocks, to earn yields of around 10%. A good analogy from the world of insurance is the way accredited investors, known as 'Names,' deploy assets into insurance syndicates at the Lloyd's of London insurance market. 'For a technology like crypto, you may need a new underwriter, but the way the insurance is done is fundamentally the same as before,' Stonberg said in an interview. 'We are holding our regulatory capital in bitcoin, and I think bringing in a new capital source to the insurance industry and innovating with the balance sheet is an opportunity that other people weren't really looking at.' Sign in to access your portfolio
Yahoo
25-03-2025
- Business
- Yahoo
Tabit Insurance obtains $40m bitcoin-funded facility
Barbados-based Tabit Insurance has secured a $40m insurance facility, capitalised entirely in bitcoin. This enables real-time verification of funds by regulators and auditors, the company press release said, with the capitalisation of the facility in bitcoin touted as an 'industry first'. Tabit also said that all insurance policies and premiums will remain denominated in US dollars, though the capital is held in bitcoin. Commenting on the benefits of the development, Tabit co-founder William Shihara said: 'Our approach to capital allocation underscores our confidence in providing a steady hand to our partners. By combining traditional balance sheet strength with carefully chosen assets like bitcoin, we are able to stay responsive to market shifts and better serve the insurance community. This solution offers a regulated dollar return which we are excited to earn on an alternative asset class such as bitcoin.' Tabit co-founder and CEO Stephen Stonberg stated: 'At Tabit, we saw a clear opportunity to enhance transparency within an industry that has been sorely lacking in innovation. We are eager to move the insurance sector into the future by demonstrating what is possible by allowing an insurer to access a largely new and untapped source of insurance capital: digital assets.' Structured as a segregated cell company, Tabit provides US dollar returns to bitcoin investors. It is licensed by the Barbados Financial Services Commission as a Class 2 insurer. The company offers an array of coverage options in property and casualty, retrocession and specialty reinsurance categories. "Tabit Insurance obtains $40m bitcoin-funded facility " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Arabian Business
05-03-2025
- Business
- Arabian Business
Al Seer Marine adds future-ready Tabit and Rigel MR tankers to its fleet
Abu Dhabi-based Al Seer Marine has taken delivery of Tabit and Rigel, the final two vessels in its series of six new-build and future-ready Medium Range (MR) tankers. Built by K Shipbuilding Korea, the two vessels comply with strict environmental regulations while meeting global demand for clean petroleum and chemical transport. They feature Exhaust Gas Cleaning Systems (EGCS) and are ready for future alternative fuels like Liquefied Natural Gas (LNG), ammonia, and methanol. Al Seer Marine's latest vessels The delivery of Tabit and Rigel was financed through a partnership with BOCOM Financial Leasing (BOCOM Leasing), a subsidiary of the Bank of Communications. This was the third financing agreement between Al Seer Marine and BOCOM Leasing, who provided AED257.25 million ($70 million) for this investment. It brings BOCOM's total investment commitment to AED845.2 million ($230 million). Tabit and Rigel, with a deadweight tonnage (DWT) of 49,853.6 tons and 49,781.8 tons respectively, are classified as IMO II/III oil and chemical tankers. They are 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 Company for a five-year term. Rigel has been delivered to AED157 million ($42.8 million) time charter with Global Horizon Shipping, bringing the total value of the six charters to AED957 million ($260.4 million). Guy Neivens, CEO of Al Seer Marine, commented: 'Our strong financial performance in 2024, with over AED1.28 billion ($348.9 million) in revenue and AED107 million ($29.2 million) in operational profits, has made Al Seer Marine a trusted partner for forward-thinking investors locally and globally. '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, it positions Al Seer Marine for sustained revenue growth in the years ahead.' The addition of Tabit and Rigel bring Al Seer Marine's fleet size to 16, including Liquefied Petroleum Gas (LPG) tankers, crude and product tankers, Very Large Crude Carriers (VLCCs), Medium Range (MR) tankers, and bulk carriers. The company operates two LPG tankers with a capacity of approximately 22,700 DWT, and three VLCCs, each exceeding 300,000 DWT. It has seven MR tankers, each with capacities close to 49,800 DWT, and a bulk carrier with a capacity of 37,314 DWT. Al Seer Marine also 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.
Al Etihad
05-03-2025
- Business
- Al Etihad
Al Seer Marine adds 'Tabit', 'Rigel' MR tankers, bringing fleet to 16
4 Mar 2025 15:38 ABU DHABI (WAM)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 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 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 Dh257.25 million ($70 million) for this investment. This marked the third financing agreement between Al Seer Marine and BOCOM Leasing, bringing the total investment commitment to Dh845.2 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 has secured Dh170 million ($46 million) time charter with HMM Co. Ltd for a five-year term. Rigel has been delivered to Dh157 million ($42.8 million) time charter with Global Horizon Shipping Limited, bringing the total value of the six charters to Dh957 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 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 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.
Zawya
04-03-2025
- Business
- Zawya
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.
