Al Seer Marine clinches 5-year term HMM charter for newbuild tanker

Abu Dhabi’s Al Seer Marine, a subsidiary of International Holding Company, took delivery of the motor tankers Tabit and Rigel, the final two vessels in its series of six new build medium range (MR) tankers ordered from K Shipbuilding Korea.

The company, which has completed the first stage of expansion and reached 16 vessels, said Tabit has secured $46.3m time charter with HMM Co. Ltd for a five-year term.

On the other hand, Rigel has been delivered to $42.8m time charter with Global Horizon Shipping Limited for a five-year term, bringing the total value of the six charters to $260.4m.

The two vessels, Tabit and Rigel, with a deadweight tonnage of 49,853.6 tons and 49,781.8 tons respectively, are classified as IMO II/III oil and chemical tankers, carrying up to six fully segregated grades of cargo.

These vessels feature exhaust gas cleaning systems (EGCS) and are built ready for future alternative fuels like liquefied natural gas (LNG), ammonia, and methanol.

The delivery of Tabit and Rigel was financed through a partnership with BOCOM Financial Leasing