Al Seer Marine secures USD 80 mn financing from China’s Bocom

IHC maritime subsidiary Al Seer Marine secured USD 80 mn in financing from China’s Bocom Financial Leasing for its newly delivered medium range tankers, Betelgeuse and Bellatrix, according to a press release (pdf). It’s the first time Al Seer has lined up funding from outside the UAE. The two tankers are designed for alternative fuels, including liquefied natural gas, ammonia, and methanol.

More about the tankers: The two MR tankers have a capacity of 49.7 MT each, and are built to carry six fully segregated grades of cargo with a five-year period Transaction Certificate to Reliance International DMCC.

Part of an expansion plan: The company acquired the Betelgeuse and Bellatrix tankers in September, the first two of six, from K Shipbuilding Korea.

What they 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,” CEO of Al Seer Marine Guy Neivens said in the statement.