Abu Dhabi – Mubasher: Al Seer Marine Supplies and Equipment Company has secured $80 million in financing from BOCOM Financial Leasing Company Limited, a subsidiary of the Bank of Communications, one of China’s largest commercial banks.
The UAE-based group will utilise the funding, which marks its first financing from outside the UAE, to support its newly delivered MR tankers, Betelgeuse and Bellatrix, according to a press release.
These two tankers have a deadweight of 49,757 metric tonnes (MT), each. They are IMO II/III oil and chemical tankers designed to carry six fully segregated grades of cargo and have been fixed on five-year time charters (TC) to Reliance International DMCC.
Guy Neivens, CEO of Al Seer Marine, said: “Securing this financing from BOCOM Leasing is a key step in our strategy to diversify funding sources and strengthen our fleet with backing from both local and international financial institutions.”
“This deal reflects strong confidence in the future revenue potential of Al Seer Marine, driven by the expected rise in global demand for liquefied natural gas (LNG) and petrochemicals,” Neivens added.
Al Seer Marine received the vessels last September after securing the order from K Shipbuilding in November 2022.
In the first half (H1) of 2024, the company’s total revenue amounted to AED 580 million, up year-on-year (YoY) from AED 564.34 million.
