Al Seer Marine Expands Fleet with Two New Tankers

Abu Dhabi's Al Seer Marine, a subsidiary of International Holding Company (IHC), has taken delivery of two new Medium Range (MR) tankers, M.T. Saiph and her sister ship from K Shipbuilding Korea.

Each vessel is equipped with an Exhaust Gas Cleaning System (EGCS) and engineered to accommodate alternative fuels such as Liquefied Natural Gas (LNG), ammonia, and methanol.

With a deadweight of 49,757 MT each, the two modern vessels are IMO II/III oil and chemical tankers carefully engineered to carry six fully segregated grades of cargo for optimal global operations.

Both tankers have secured five-year time charters with Reliance Industries (Middle East) DMCC, valued at $42 million per vessel, joining their sister ships Betelgeuse and Bellatrix in the charter arrangement.

"At Al Seer Marine, we continue to invest strategically in product and chemical tankers, which represents one of the most promising sectors in the maritime industry. The expansion of our partnership with BOCOM Leasing, our first international financing partner, validates our growth trajectory and market potential,” said Guy Neivens, CEO at Al Seer Marine.

With the delivery of the two tankers, Al Seer Marine has just two vessels remaining from the six MR tankers ordered from K Shipbuilding, with completion expected in January 2025.