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Al Seer Marine, a unit of IHC, Abu Dhabi’s largest listed company, has secured $80 million in financing from Bocom Leasing, a subsidiary of Bank of Communications, one of China’s largest commercial banks, to fund its fleet expansion with two medium range tankers.
The financing, Al Seer Marine’s first outside the UAE, will also help the Abu Dhabi-listed company to expand its operations, according to a disclosure.
The oil and chemical tankers, built-ready for alternative fuels such as Liquefied Natural Gas (LNG), ammonia, and methanol, have been leased to Reliance International DMCC.
Guy Neivens, CEO of Al Seer Marine, said the financing deal was a “key step” in the company’s strategy to diversify funding sources.
(Writing by Bindu Rai, editing by Brinda Darasha)
