A shipping company connected to the son of the founder of the United Arab Emirates is expanding its tanker fleet with newbuilding contracts with K Shipbuilding

Al Seer Marine has continued an aggressive expansion programme with the contracting of four MR tanker newbuildings at K Shipbuilding in South Korea for delivery in late 2024.

Al Seer Marine is a subsidiary of International Holding Company (IHC), a conglomerate holding company, with both companies listed on the Abu Dhabi securities exchange.

The chairman of IHC is H H Sheikh Tahnoon bin Zayed Al Nahyan, who is the son of the founder of the United Arab Emirates, and who also holds the positions of chairman of ADQ (a state holding company), First Abu Dhabi Bank, and Royal Group (another conglomerate).

Read More: Al Seer Marine orders four MR tankers in South Korea

So far in 2022, Al Seer Marine has purchased three second-hand VLCCs (Elandra Everest, SCF Shanghai, and Svet) and two second-hand 20,000 m3 LPG carriers (Sibur Tobol and Sibur Voronezh).

The company also stated that it has large gas carriers currently under construction as part of a joint venture with BGN International and is looking to expand its freight solutions for bulk cargo globally.

Elandra Everest was purchased from Vitol interests, and the four other vessels were acquired from Sovcomflot of Russia.

Read More: UAE firm to develop new hydrofoil ferries

Announcing the contracts for four MR tankers, Al Seer Marine chief executive Guy Neivens said, “Al Seer Marine is very serious about becoming a global market leader across different marine sectors.”

The four MR tankers newbuildings are reportedly contracted at US$44M each (en bloc) and lifts K Shipbuilding’s orderbook to 30 vessels (all tankers), including 20 MR tankers.

The new tankers are being designed to be ready to adapt to new fuels such as ammonia and methanol amid transition efforts, the company said.

Source: Riviera M


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