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Al Seer Marine expands its fleet: UAE’s IHC maritime subsidiary Al Seer Marine received two new MR tankers from K Shipbuilding Korea — the second pair out of six total newbuilds on order, according to a statement (pdf). The final two vessels are set to be delivered by January 2025.
What we know: The two MR tankers — the MT Saiph and her sister vessel — have a capacity of 49.7 MT each, and are built to carry six fully segregated grades of cargo. Both are fitted with an exhaust gas cleaning system (EGCS) and are designed to transport alternative fuels like LNG, ammonia, and methanol.
Who’s financing the order? China’s Bank of Communications subsidiary BOCOM Financial Leasing Co provided some USD 40 mn per vessel, running up a total loan of USD 80 mn for the respective order.
Sound familiar? BOCOM also provided an additional USD 80 mn in financing to Al Seer for the delivery of two prior MR tankers – Betelgeuse and Bellatrix – bringing their total commitment to Al Seer Marine to USD 160 mn.
Charter agreements are in place: Reliance Industries’s Dubai Multi Commodities Center (DMCC) inked a USD 84 mn 5-year charter agreement for the two vessels with Al Seer Marine, valued at USD 42 mn per ship.
