Al Seer Marine Welcomes Second Pair of Alternative Fuel-Ready Tankers

Abu Dhabi-headquartered Al Seer Marine, a subsidiary of International Holding Company, recently celebrated the arrival of two new alternative fuel-ready 50,000 dwt chemical tankers, built by South Korea’s K Shipbuilding. The vessels, named MT Saiph and its sister ship, are part of a larger newbuilding order placed by the UAE-based maritime organization.

Both MT Saiph and its sister ship are built to the same specifications, measuring 182.9 meters in length, 32.2 meters in beam, and 13.3 meters in draft. Equipped with exhaust gas cleaning systems (EGCS), also known as scrubbers, these tankers are designed to meet stringent environmental regulations and can accommodate clean fuels such as liquefied natural gas (LNG), ammonia, and methanol.

The new tankers are compliant with IMO II and III oil and chemical tanker regulations, catering to the growing global demand for clean petroleum products and chemical transportation. They have secured 5-year charters with Reliance Industries (Middle East) DMCC, valued at $42 million per ship. The financing for these vessels was provided by BOCOM Financial Leasing, with a total commitment of $160 million for all four tankers.

With the delivery of MT Saiph and its sister ship, Al Seer Marine now has only two vessels remaining from the sextet order placed at K Shipbuilding. The completion of the entire order is expected at the beginning of next year, with MT Tabit, part of the en bloc order with MT Rigel, scheduled for delivery in January 2025.