Abu Dhabi’s expanding Al Seer Marine has struck its first vessel financing deal outside the United Arab Emirates.
The company has arranged $80m of funding from China’s Bank of Communications Financial Leasing (BOCOM Financial Leasing) for two new alternative fuel-ready MR tankers delivered this year in South Korea.
The 49,700-dwt MR tankers Betelgeuse and Bellatrix are assessed by VesselsValue as worth $55m each.
The company described the deal as a “milestone” as its first overseas financing transaction.
“It empowers the company to expand its operations and invest in modern, eco-friendly vessels, strengthening its position within the global maritime landscape,” Al Seer said.
The tankers are LNG, ammonia and methanol-ready and designed to carry six fully segregated grades of cargo.
They have been fixed on five-year time charters to Reliance International DMCC in Dubai.
Al Seer chief executive Guy Neivens said the agreement showed the “robustness of our financial performance, which continues to attract global investors like BOCOM.”
“This deal reflects strong confidence in the future revenue potential of Al Seer Marine, driven by the expected rise in global demand for LNG and petrochemicals,” he added.
Wu Jiajun, deputy CEO of BOCOM Financial Leasing, said: “At BOCOM, we maintain high standards in selecting projects to invest in, and Al Seer Marine is one of the companies we trust to be a long-term cooperation, delivering satisfying returns on investment.”
First of many?
“This leasing agreement marks the beginning of what we anticipate being a strong and mutually beneficial cooperation.” the financier added.
The ships are the first two of six in a series being built by K Shipbuilding in South Korea.
Al Seer owns and commercially manages a fleet of 22 tankers and gas carriers, predominantly acquired between 2022 and 2023.
With most of the fleet already delivered and the remainder expected before the end of 2024, the total value of Al Seer Marine’s assets has reached AED 7.5bn ($2bn).
