Al Seer Marine, a subsidiary of the International Holding Company (IHC), has acquired the MT Meissa, formally known as MT Kokako, at a value of AED 132 million.

MT Meissa, an IMO II/III product tanker, has been fixed on five years’ time charter and will enlarge Al Seer Marine’s fleet value to over AED 2.40 billion, according to a press release.

The Meissa is a double-hull eco-designed medium-range products tanker with a deadweight capacity of 49,000 tonnes. It was built by Hyundai Mipo Dockyard in South Korea in 2017.

The transaction aligns with Al Seer Marine’s objective to become a key player in the maritime shipping sector worldwide, as it continues to expand its tanker fleet amid increasing global oil product demand.

Last year, the tanker market witnessed a dramatic overturn in fortunes due to the shift in the global geopolitical situation, which is expected to continue in 2023 and drive a long-term impact on the industry.

Unlike 2021 and 2022, Al Seer Marine forecasts overall positive financial performance as the developing product supply dynamics secure an attractive opportunity to invest in the product tanker sector.

Guy Neivens, CEO of Al Seer Marine, indicated: “The current market climate is perfect for Al Seer Marine to expand its fleet in the short and long term.”

“We saw trade flows change rapidly in response to the dynamic shift in the global market during the past 12 months, moving from a weak movement at the start of the year to very strong spot earnings, both for the crude and product markets,” Neivens added.

The CEO said: “The acquisition of MT Meissa will give us an immediate access to product tanker on the water as we await the delivery of new buildings.”

In November 2022, Al Seer Marine invested a total of AED 643 million in four IMO II/III product tankers.

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