Al Seer Marine newly delivered MR tankers secure $84m in charter contracts

Abu Dhabi’s Al Seer Marine, a subsidiary of International Holding Company, has added to its fleet portfolio two modern medium range (MR) tankers. The company took delivery of M.T. Saiph and her sister ship from K Shipbuilding Korea.

These new vessels, which are the second pair in a series of six newbuilding MR tankers, are equipped with an exhaust gas cleaning system (EGCS), and engineered to accommodate alternative fuels such as liquefied natural gas (LNG), ammonia, and methanol.

With a deadweight of 49,757 MT each, the two modern vessels are IMO II/III oil and chemical tankers carefully engineered to carry six fully segregated grades of cargo for optimal global operations.

Both tankers have secured five-year time charters with Reliance Industries (Middle East) DMCC, valued at $42 million per vessel, joining their sister ships Betelgeuse and Bellatrix in the charter arrangement.

With the delivery of the two modern tankers, Al Seer Marine has just two vessels remaining from the six MR tankers ordered from K Shipbuilding, with completion expected in January 2025.

The delivery is financed