Abu Dhabi – Mubasher: Al Seer Marine Supplies and Equipment 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, according to a press release.
The equipment firm, which is a subsidiary of the listed International Holding Company (IHC), noted that the vessels feature Exhaust Gas Cleaning Systems (EGCS) and are built ready for future alternative fuels like Liquefied Natural Gas (LNG), ammonia, and methanol.
Meanwhile, the delivery of Tabit and Rigel was financed through a partnership with BOCOM Financial Leasing Company Ltd. (BOCOM Leasing), a subsidiary of the Bank of Communications, which provided AED 257.25 million ($70 million) for this investment.
The investment marked the third financing agreement between Al Seer Marine and BOCOM Leasing, bringing the total investment commitment to AED 845.20 million ($230 million).
The first two in that expansion series were M.T. Betelgeuse and M.T. Bellatrix, which were delivered in September 2024.
The CEO of Al Seer Marine, Guy Neivens, said: "Our strong financial performance in 2024, with over AED 1.28 billion ($348.90 million) in revenue and AED 107 million ($29.20 million) in operational profits, has made Al Seer Marine a trusted partner for forward-thinking investors locally and globally.”
Neivens added: “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, positioning Al Seer Marine for sustained revenue growth in the years ahead.”
The first stage of expansion has brought up the total fleet to 16 operational vessels and three under construction.
Tabit and Rigel 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.
Tabit has secured AED 170 million ($46 million) time charter with HMM Co. Ltd for a five-year term, while Rigel has been delivered to AED 157 million ($42.80 million) time charter with Global Horizon Shipping Limited, bringing the total value of the six charters to AED 957 million ($260.40 million).
It is worth noting that in 2024, Al Seer Marin registered net losses worth AED 1.46 billion as well as revenue of AED 1.28 billion.
On the other hand, IHC recorded net profits after tax of AED 25.46 billion in addition to revenue worth AED 92.75 billion.
