Abu Dhabi-based maritime company Al Seer Marine, a subsidiary of International Holding Company (IHC), has placed an order for the construction of four IMO II/III medium-range tankers with Korean shipbuilder K Shipbuilding.
The vessels are expected to be built at Jinhae Shipyard and delivered before the end of the fourth quarter of 2024. The order is valued at AED 643 million ($ 175 million).
“The new tankers order will increase Al Seer Marine’s fleet value to more than AED 2.3 billion,” Al Seer Marine said commenting on the deal.
As informed, the ships would be LNG-ready and would be designed to adapt to burn new fuels such as ammonia and methanol.
“ Al Seer Marine is very serious about becoming a global market leader across different marine sectors. Our team is pushing hard, this is yet another endorsement of our global expansion strategy. We are working together with our partners to fulfill the need for modern and efficient tonnage in the markets we serve,” said Guy Neivens, Chief Executive Officer of Al Seer Marine.
Al Seer Marine’s fleet now totals 12 vessels as the company prepares to transport the transition fuels like methanol to help the industry decarbonize its operations.
The company has embarked upon a rapid expansion in the commercial management segment and has voiced plans to acquire up to 15 ships in 2022 as a way of boosting its operations as global trade continues to pick up from the coronavirus pandemic-induced slowdown.
Al Seer Marine has already acquired two liquefied petroleum gas tankers earlier this year and has large gas carriers under construction as part of a joint venture with BGN International. It is also expanding its freight solutions for bulk cargo globally to meet growing demand.