MENA Newswire News Desk: Al Seer Marine, a subsidiary of International Holding Company (IHC), has expanded its fleet with the delivery of two new MR tankers, M.T. Betelgeuse and M.T. Bellatrix. These vessels are the first of six New Building MR tankers ordered from K Shipbuilding Korea, aimed at meeting the growing demand for transporting clean petroleum products (CPP) and chemicals.
Al Seer Marine placed the initial order for four IMO II/III tankers in November 2022, followed by an additional two in February 2023. This strategic addition strengthens the company’s role as a key player in the maritime sector. It aligns with its ongoing investments, including over AED1.45 billion in Abu Dhabi Ports and ADNOC Logistics and Services, further supporting the UAE’s maritime industry as a cornerstone of its “Projects of the 50” strategy.
Guy Neivens, CEO of Al Seer Marine, commented, “Our investment in product and chemical tankers reflects our strategic vision to diversify our fleet and capitalize on the growing global demand for refined petroleum products and chemicals. These new tankers ensure that we remain competitive in a rapidly evolving market.”
Nitin Mathur, Head of Commercial Shipping at Al Seer Marine, added, “This investment complements our broader strategy to enhance our commercial shipping portfolio and ensure adaptability in a dynamic market. Each of the six MR tankers is equipped with an Exhaust Gas Cleaning System (EGCS) and is built ready for alternative fuels like LNG, ammonia, and methanol, ensuring compliance with future environmental regulations.”
The newly delivered M.T. Betelgeuse and M.T. Bellatrix, with a deadweight of 49,757 MT each, are designed to carry six fully segregated grades of cargo and will be chartered to Reliance Industries (Middle East) DMCC, trading globally. As of mid-2024, Al Seer Marine reported total assets worth AED7.5 billion, with revenue growth reaching AED580 million.
This fleet expansion is expected to boost operational efficiency and generate long-term value for investors and shareholders, supporting the UAE’s leadership in alternative fuel supply chains. By leveraging innovative technologies such as 3D printing and pioneering Unmanned Surface Vehicle (USV) services, Al Seer Marine continues to position itself as a leader in the maritime industry while driving sustainability and future growth.