Completes first stage of expansion and reaching 16 vessels
Al Seer Marine, 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., which provided AED 257.25mn (US$ 70mn) for this investment. This marked the third financing agreement between Al Seer Marine and BOCOM Leasing, bringing the total investment commitment to AED 845.2mn (US$ 230mn).
CPP fleet expansion
“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,” stated Guy Neivens, CEO, Al Seer Marine.
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 and were engineered for optimal global operations, carrying up to six fully segregated grades of cargo.
With a total fleet of 16 operational vessels and 3 under construction, Al Seer Marine plays a vital role in strengthening the UAE’s energy and petrochemical shipping capabilities.
