Al Seer Marine, a global player across multiple marine sectors, has ordered four IMO II/III product tankers valued at AED643 million ($175 million) as part of its global expansion push. 

 

The new tankers order will increase Al Seer Marine’s fleet value to more than AED2.3 billion. 

 

K Shipbuilding, the leading Korean shipyard and one of the world's largest shipbuilders of MR Tankers, will construct the four new medium-range (MR) IMO II/III product tankers at Jinhae Shipyard, which are expected to be delivered before the end of Q4 2024. 

 

Fleet totals 12 vessels

This means that Al Seer Marine fleet now totals 12 vessels as the company prepares to transport the transition fuels like methanol, which will help the industry reach net zero. In anticipation of the impending regulatory changes, these tankers will be LNG ready and are being designed to be potentially ready to adapt to new fuels such as ammonia and methanol.

 

“Al Seer Marine, an International Holding Company (IHC) subsidiary, seeks to become 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.

 

The agreement was signed at the company’s office in Abu Dhabi by YK Jang, CEO of K Shipbuilding, and Gunther Alvarado, Chief Operating Officer of Al Seer Marine, in the presence of both organisations’ senior executives.

 

Tanker demand

“Demand for tankers has been on the rise since April this year, and building new ships is not something the industry can reverse overnight; however, with K Shipbuilding's solid industry experience, we are confident we will be able to deliver this order on schedule. Economists point to the need to build new ships to meet the pending environmental regulations forecasting that shipbuilding orders will rebound in 2024, and today’s Al Seer Marine order confirms the market demand,” commented Jang. 

 

Al Seer Marine’s strategic plan set out to grow its business and deploy capital at the best long-term ROI with IRR over 20% over 10 years in this order. The investment will enable Al Seer to further diversify its asset base and geographic business zones in a new segment.-- TradeArabia News Service