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.
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