- Tabit has secured AED 170.3 million (USD 46.3 million) time charter with HMM Co. Ltd for a five-year term.
- Rigel has been delivered to AED 157 million (USD 42.8 million) time charter with Global Horizon Shipping Limited for a five-year term.
- BOCOM Leasing renews its partnership with Al Seer Marine for the third time, increasing its total investment to AED 845.2 million (USD 230 million).
Abu Dhabi-based Al Seer Marine, a subsidiary of International Holding Company, has taken delivery of two additional medium-range (MR) tankers, Tabit and Rigel, bringing its operational fleet to 16 vessels.
Fleet Expansion and Environmental Features
Tabit and Rigel are the final units in a series of six MR tankers ordered from South Korea’s K Shipbuilding. Each vessel has a deadweight tonnage of approximately 49,800 tons and is designed to transport up to six segregated grades of cargo. Both tankers are equipped with Exhaust Gas Cleaning Systems (EGCS) and are built ready for future alternative fuels, including Liquefied Natural Gas (LNG), ammonia, and methanol, aligning with Al Seer Marine’s commitment to environmental sustainability.
Charter Agreements and Financial Partnerships
Following their delivery, Tabit and Rigel entered into five-year time charter agreements. Tabit secured a contract valued at approximately AED 170 million (USD 46 million) with South Korean shipping company HMM Co. Ltd., while Rigel’s charter with Global Horizon Shipping Limited is valued at around AED 157 million (USD 42.8 million). These agreements bring the total value of the six MR tanker charters to approximately AED 957 million (USD 260.4 million).
The vessels’ delivery was financed in partnership with BOCOM Financial Leasing Co., Ltd., a subsidiary of the Bank of Communications, which invested approximately AED 257.2 million (USD 70 million), marking the third financing agreement between Al Seer Marine and BOCOM Leasing, totaling an investment commitment of AED 845.2 million (USD 230 million).
Fleet Composition and Future Plans
With the addition of Tabit and Rigel, Al Seer Marine’s fleet now exceeds a total capacity of 1.5 million deadweight tons (DWT). The fleet comprises various vessels, including liquefied petroleum gas (LPG) tankers, crude and product tankers, very large crude carriers (VLCCs), MR tankers, and bulk carriers. The company also owns two very large gas carriers (VLGCs) through a joint venture and is expanding its capabilities with three newbuild VLGCs, each exceeding 51,000 DWT, scheduled for delivery by 2026.
This strategic expansion positions Al Seer Marine for sustained growth, enhancing its ability to meet global demand for eco-friendly petroleum and chemical transport solutions.
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Source: Al Seer Marine
