Abu Dhabi, UAE— Al Seer Marine said Tuesday it has placed an order for four new IMO II/III product tankers valued at AED 643 million ($175 million) as part of the company’s global expansion push this year.
K Shipbuilding, the leading Korean shipyard, will construct the four new medium-range (MR) IMO II/III product tankers at Jinhae Shipyard, which are expected to be delivered before the end of Q4 2024.
With these four tankers, Al Seer Marine fleet now totals 12 vessels as the company prepares to transport the transition fuels like methanol, which will help the industry reach net zero. In anticipation of the impending regulatory changes, these tankers will be LNG ready and are being designed to be potentially ready to adapt to new fuels such as ammonia and methanol.
“Al Seer Marine is very serious about becoming a global market leader across different marine sectors. Our team is pushing hard, this is yet another endorsement of our global expansion strategy. We are working together with our partners to fulfill the need for modern and efficient tonnage in the markets we serve.” said Guy Neivens, Chief Executive Officer of Al Seer Marine.
The company said the investment will enable Al Seer to further diversify its asset base and geographic business zones in a new segment.
“Demand for tankers has been on the rise since April this year, and building new ships is not something the industry can reverse overnight; however, with K Shipbuilding’s solid industry experience, we are confident we will be able to deliver this order on schedule. The economists point to the need to build new ships to meet the pending environmental regulations forecasting that shipbuilding orders will rebound in 2024, and today’s Al Seer Marine order confirms the market demand,” commented YK Jang, CEO of K Shipbuilding.
