Al Seer Marine, a frontrunner in various maritime industries and a subsidiary of International Holding Company (ADX: IHC), has recently taken delivery of MT Betelgeuse and MT Bellatrix, the first two in a series of six New Building MR tankers from K Shipbuilding Korea.
These new additions are intended to meet the rapidly growing demand for the transportation of clean petroleum products (CPP) and chemicals.
These ships were contracted from K Shipbuilding in November 2022, when Al Seer Marine ordered four IMO II/III tankers, followed by an additional two in February 2023. This significant increase to Al Seer Marine’s fleet strengthens its position as a key partner and investor in leading maritime companies in the UAE, including notable investments of over AED 1.45bn in Abu Dhabi Ports and ADNOC Logistics and Services.
Evolving needs
” With these new additions, we aimed to keep our position as a key player in this growing segment, leveraging our expertise to meet the evolving needs of our clients while ensuring long-term growth and profitability.” stated Guy Neivens, CEO, Al Seer Marine.
“These tankers are built ready for alternative fuels such as Liquefied Natural Gas (LNG), ammonia, and methanol, making them perfectly suited for future usage in a rapidly evolving industry, ensuring compliance with the strictest environmental regulations for decades to come,” remarked Nitin Mathur, Head of Commercial Shipping at Al Seer Marine.
“M.T. Betelgeuse and M.T. Bellatrix, 49,757 MT deadweight, IMO II/III oil and chemical tankers, are designed to carry six fully segregated grades of cargo, epitomising the advanced capabilities and forward-thinking design of our fleet. They are chartered to Reliance Industries (Middle East) DMCC and will trade globally,” he added.
As of the first half of 2024, the total value of Al Seer Marine’s assets reached AED 7.5bn, with total revenue growth climbing to AED 580mn.