Al Seer Marine, a leading player in the maritime industry and a subsidiary of International Holding Company (IHC), has announced the successful securing of US$80 million in financing from BOCOM Financial Leasing Co., Ltd (BOCOM Leasing), a subsidiary of China’s Bank of Communications. The financing is for the company’s newly delivered medium-range (MR) tankers, Betelgeuse and Bellatrix.
This transaction marks a significant milestone for Al Seer Marine, as it represents the company’s first financing for its shipping fleet sourced from outside the UAE. Both MR tankers have been built with the capability to use alternative fuels such as Liquefied Natural Gas (LNG), ammonia, and methanol, ensuring compliance with stringent environmental regulations.
The vessels, each with a deadweight of 49,757 metric tonnes (MT), are IMO II/III classified oil and chemical tankers. They are designed to carry six fully segregated grades of cargo and have been chartered on five-year time contracts with Reliance International DMCC.
Guy Neivens, CEO of Al Seer Marine, remarked, “Securing this financing from BOCOM Leasing is a key step in our strategy to diversify funding sources and strengthen our fleet with the support of both local and international financial institutions. This partnership reflects the strength of our financial performance and the growing confidence of global investors in Al Seer Marine. With the increasing global demand for LNG and petrochemicals, we are well-positioned to capitalise on these trends and drive sustainable growth for our stakeholders.”
WU Jiajun, Deputy CEO of BOCOM Financial Leasing, echoed the optimism, stating, “At BOCOM, we maintain high standards in selecting investment projects, and we see Al Seer Marine as a trusted partner for long-term collaboration. This leasing agreement marks the beginning of what we expect to be a strong and mutually beneficial partnership. Al Seer Marine’s commitment to innovation and sustainability aligns perfectly with our goals in the maritime industry.”
Al Seer Marine plays a critical role in bolstering the UAE’s maritime sector, attracting substantial global investment and supporting the country’s strategy to become a global hub for commercial shipping. The partnership with BOCOM Leasing underscores the UAE’s growing importance as a key destination for international maritime investments and further solidifies its position as a leading player on the global stage.
As the maritime industry continues to evolve towards sustainable energy solutions, Al Seer Marine is poised to take advantage of these trends, with its environmentally friendly fleet and diversified funding strategy driving its future growth.