Forging ahead with its fleet expansion ambitions, Abu Dhabi-based Al Seer Marine, a subsidiary of International Holding Company, has taken delivery of alternative fuel-ready Tabit and Rigel, the final two units of six medium-range (MR) tankers booked at South Korea’s K Shipbuilding (KSB).
As disclosed, the oil/chemical newbuildings were welcomed on March 3, 2025. Featuring a deadweight tonnage (DWT) of 49.853 tons and 49.781 tons respectively, Tabit and Rigel are said to have been engineered “for optimal global operations” , carrying up to six segregated grades of cargo.
According to representatives from Al Seer Marine, the two newbuild tankers are clean fuel-ready , with the capability to run on liquefied natural gas (LNG), ammonia and even methanol .
Moreover, the vessels were fitted with exhaust gas cleaning systems (EGCS), or scrubbers , making them compliant with strict environmental guidelines while meeting the worldwide demand for eco-friendly petroleum and chemical transport, the company added.
Now that they have been handed over, Tabit and Rigel are set to go on time charter parties. As explained, Al Seer Marine has signed a five-year-long AED 170 million ($46 million) contract for Tabit with South Korean shipping giant HMM, whereas Rigel is all but ready to go on charter with Global Horizon Shipping Limited in a deal estimated at AED 157 million (42.8 million).
It is understood that this brings the value of all six charters to a whopping AED 957 million ($260.4 million).
The delivery of Tabit and Rigel was reportedly bankrolled through a partnership with BOCOM Financial Leasing (BOCOM Leasing), a subsidiary of the Bank of Communications, which is said to have splashed AED 257.2 million (circa $70 million) for this investment.
The Abu Dhabi-headquartered maritime industry player shared that this marked the third financing agreement between Al Seer Marine and BOCOM Leasing, bringing the total investment commitment to AED 845.2 million (approximately $230 million).
As stated by the company, with the addition of the two newbuildings, Al Seer Marine’s fleet of 16 operational vessels (and 3 under construction) now exceeds 1.5 million DWT in capacity. The fleet encompasses a range of ships, including liquefied petroleum gas (LPG) tankers, crude and product tankers, very large crude carriers (VLCCs), medium range (MR) tankers, and bulkers.
Additionally, through energy transport company ABGC DMCC—a joint venture (JV) with Dubai-based petroleum products supplier BGN Int DMCC—Al Seer Marine shared that it owns a pair of very large gas carriers (VLGCs). As disclosed, the JV is currently trying to ‘strengthen’ its presence with three newbuild VLGCs, each exceeding 51,000 DWT, slated for delivery by 2026.
To remind, Al Seer Marine booked Tabit and Rigel in February 2023 , expanding the contract that was i nitially signed between the two parties back in November of the previous year.
The previous two newbuildings were welcomed in December 2024, and were said to have clinched five-year-long charters with Reliance Industries (Middle East) DMCC, valued at $42 million per ship. Al Seer Marine unveiled that the two tankers would join their sister vessels Betelgeuse and Bellatrix in the charter agreement.