Al Seer Marine secures 80 Million financing from BOCOM elasing for MR tankers Betelgeuse and Bellatrix

October 18, 2024

Al Seer Marine, a frontrunner in the maritime industry and a subsidiary of International Holding Company , is pleased to announce that it has secured USD 80 million in financing from BOCOM Financial Leasing , a subsidiary of the Bank of Communications, one of China’s largest commercial banks, for its newly delivered MR tankers, Betelgeuse and Bellatrix. This transaction represents the first financing that Al Seer Marine has secured for its shipping fleet from outside the UAE.

These two tankers have been built ready for alternative fuels such as Liquefied Natural Gas (LNG), ammonia, and methanol, ensuring compliance with the latest environmental regulations. With a deadweight of 49,757 MT each, both vessels are IMO II/III oil and chemical tankers designed to carry six fully segregated grades of cargo and have been fixed on five-year time charters (TC) to Reliance International DMCC.

Guy Neivens, CEO of Al Seer Marine, said: “Securing this financing from BOCOM Leasing is a key step in our strategy to diversify funding sources and strengthen our fleet with backing from both local and international financial institutions. It highlights the robustness of our financial performance, which continues to attract global investors like BOCOM. This deal reflects strong confidence in the future revenue potential of Al Seer Marine, driven by the expected rise in global demand for liquefied natural gas (LNG) and petrochemicals. As the world shifts towards sustainable energy sources, we are well-positioned to capitalise on these trends and drive sustainable growth for our company and its stakeholders.”

WU Jiajun, Deputy CEO of BOCOM Financial Leasing Co., Ltd, stated: “At BOCOM, we maintain high standards in selecting projects to invest in, and Al Seer Marine is one of the companies we trust to be a long-term cooperation, delivering satisfying returns on investment. We are thrilled to embark on this new collaboration with Al Seer Marine, a company that shares our commitment to innovation and sustainability in the maritime industry. This leasing agreement marks the beginning of what we anticipate being a strong and mutually beneficial cooperation.”

Al Seer Marine is an important part of the UAE’s maritime sector, contributing to attract substantial global investment and supports the UAE’s strategy to become a global hub for commercial shipping. This developing sector is creating new opportunities for growth and innovation. The cooperation between Al Seer Marine and BOCOM Leasing underscores the UAE’s status as a prime destination for international maritime investments, further reinforcing its position as a key player in the global maritime arena.