Abu Dhabi – Mubasher: Al Seer Marine Supplies and Equipment Company incurred net losses worth AED 1.46 billion in 2024, an annual increase from AED 1.02 billion.
Loss per share hiked to AED 1.46 last year from AED 1.02 in 2023, according to the financial results.
Meanwhile, the revenues climbed to AED 1.28 billion as of 31 December 2024 from AED 1.23 billion a year earlier.
Guy Neivens, CEO of Al Seer Marine, said: “Our focus in 2024 remained firmly on strengthening our operational capabilities and reinforcing our position as a maritime powerhouse.”
Neivens commented on the collaboration with BOCOM Financial Leasing Company Limited, a subsidiary of the Bank of Communications, to finance the delivery of two MR oil and chemical tankers.
“The partnership was further expanded with a similar deal to finance two more tankers, bringing the total investment committed by BOCOM Leasing to $160 million (AED 586.80 million),” he noted.
Gunther Alvarado, Deputy CEO of Al Seer Marine, added: “The four new tankers have secured five-year time charters with Reliance Industries (Middle East) DMCC, valued at AED 154.20 million ($42 million) per vessel, with a total value of AED 617 million ($168 million).”
Al Seer Marine will deliver two vessels remaining from the six MR tankers ordered from K Shipbuilding, in the first quarter (Q1) of 2025.
The delivery of these final vessels is expected to further boost the group’s commercial revenue.
The UAE-based company is a key partner and investor in the UAE's maritime sector, with strategic investments exceeding AED 1.45 billion ($395.10 million) in ADNOC Logistics & Services (ADNOC L&S) and AD Ports Group.
