DUBAI: Al Seer Marine, owned by Abu Dhabi’s IHC, has expanded its fleet with the addition of two new vessels, the M.T. Saiph and her sister ship, both constructed by South Korea’s K Shipbuilding. This marks the company’s second pair of six new-build medium-range (MR) tankers, emphasizing its commitment to strengthening its presence in the global maritime industry. These state-of-the-art vessels are designed to meet the growing demand for clean petroleum products and chemicals transportation, ensuring that Al Seer Marine is positioned to deliver top-quality service.
Each vessel in this new addition is equipped with an exhaust gas cleaning system and is engineered to accommodate alternative fuels such as LNG, ammonia, and methanol. These features allow the vessels to comply with increasingly stringent environmental regulations and offer flexibility to adapt to the future demand for cleaner energy solutions. This step not only ensures the company’s compliance with global maritime standards but also highlights Al Seer Marine’s proactive approach to sustainability in the shipping industry.
The expansion of Al Seer Marine’s fleet was financially supported through an $80 million agreement with Bocom Financial Leasing Co., a subsidiary of the Bank of Communications. This partnership, which began in August 2024 with the financing of two MR tankers, ‘Betelgeuse’ and ‘Bellatrix’, now brings the total financial commitment to $160 million. This growing partnership reinforces Al Seer Marine’s position as a key player in the maritime sector and underscores its strategic financial investments to expand its capabilities.
Financially, Al Seer Marine has shown strong performance, with total assets reaching Dh7.5 billion ($2.04 billion) in the first half of 2024 and revenues climbing to Dh580 million. These results reflect the company’s strategic investments in both its fleet and the UAE’s maritime infrastructure, including over Dh1.45 billion in Abu Dhabi Ports and ADNOC Logistics and Services. This expansion in fleet and investment continues to position Al Seer Marine as a leader in the transportation of refined petroleum products and chemicals.
