Al Seer Marine rolls out red carpet for new clean fuel-ready tanker duo

Abu Dhabi-headquartered Al Seer Marine, a subsidiary of International Holding Company, has rang the welcome bell to the second duo of alternative fuel-ready 50,000 dwt chemical tankers, built by South Korea’s K Shipbuilding.

As disclosed, MT Saiph and its sister vessel are part of a newbuilding sextet that the UAE-based maritime organization ordered from the South Korean shipbuilder in 2022 and 2023, respectively.

Much like the rest of the Cayman Islands-flagged ships, the second pair was built to the same specifications, with a length of 182.9 meters, a beam of 32.2 meters and a draft of 13.3 meters, according to London-based data provider VesselsValue. MT Saiph is part of an en bloc quartet order booked back in November 2022.

Each of the tankers is reportedly equipped with exhaust gas cleaning systems (EGCS), also known as scrubbers, which remove harmful particulate matter, such as unburned fuel oil, soot particles, ash, PAH, and heavy metals from the scrubber wash water. Al Seer Marine explained that, in addition to this, the units are engineered to accommodate clean fuels such as liquefied natural gas (LNG), ammonia and methanol.

Owing to these features, the newbuildings are compliant with ‘stringent’ environmental regulations—including the IMO II and III oil and chemical tanker stipulations—while meeting the ballooning global demand for clean petroleum products (CPP) and chemical transportation, representatives from Al Seer Marine revealed.

As understood, the new tanker duo has secured 5-year-long charters with Reliance Industries (Middle East) DMCC, valued at $42 million per ship. They are set to join their sister vessels Betelgeuse and Bellatrix in the charter agreement.

The latest delivery was financed by BOCOM Financial Leasing, a subsidiary of Bank of Communications, with funds amounting to $80 million, i.e. $40 million per unit. With the additional $80 million secured for Betelgeuse and Bellatrix, BOCOM’s total commitment totaled $160 million, as per Al Seer Marine.

Following the welcoming of the two latest units, Al Seer Marine has just two vessels remaining from the sextet booked at K Shipbuilding, with completion anticipated for the beginning of next year.

It is understood that Betelgeuse and Bellatrix—part of the en bloc-ordered quartet—were built and then delivered in August this year. MT Tabit, which was booked en bloc with MT Rigel in February 2023, is expected to be handed over in January 2025.