Al Seer Marine secures $80mln financing for future-fuels-ready MR tanker duo

Al Seer Marine, a subsidiary of International Holding Company, has secured $80 million in financing from BOCOM Financial Leasing, a subsidiary of the Bank of Communications, one of China’s largest commercial banks, for its newly delivered MR tankers Betelgeuse and Bellatrix.

As informed, this agreement marks the first collaboration between Al Seer Marine and BOCOM Leasing, establishing a new partnership in the maritime industry.

With a deadweight of 49,757 MT each, both vessels are IMO II/III oil and chemical tankers designed to carry six fully segregated grades of cargo. The ships have been fixed on five-year time charters to Reliance International DMCC.

The two tankers have been built ready for alternative fuels such as liquefied natural gas (LNG), ammonia, and methanol, to ensure compliance with the latest environmental regulations, according to the company.

Al Seer Marine noted that this transaction represents the first financing that the firm has secured for its shipping fleet from outside the UAE.

“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,” Guy Neivens, CEO of Al Seer Marine, said.

“This deal reflects strong confidence in the future revenue potential of Al Seer Marine, driven by the expected rise in global demand for liquefied natural gas (LNG) and petrochemicals. As the world shifts towards sustainable energy sources, we are well-positioned to capitalise on these trends and drive sustainable growth for our company and its stakeholders.”

“We are thrilled to embark on this new collaboration with Al Seer Marine, a company that shares our commitment to innovation and sustainability in the maritime industry. This leasing agreement marks the beginning of what we anticipate being a strong and mutually beneficial cooperation,” WU Jiajun, Deputy CEO of BOCOM Financial Leasing, stated.

Meanwhile, in March this year, Al Seer Marine reported that, together with Swiss energy company BGN, it received funding from several banks located in the Gulf region to support the construction of three very large gas carriers (VLGCs) in South Korea and Japan. The new, efficient ships are expected to provide ‘much-needed’ capacity for BGN’s physical energy traders who continue to supply the world with transitional fuels such as liquefied petroleum gas (LPG), ammonia and other commodities. The units are slated for delivery in 2025-2026.