IHC subsidiary Al Seer Marine is continuing its “aggressive” global expansion plan with an AED 643 million ($175 million) order for four tankers.

The company said it expects the new tankers to delivered by Korean shipyard K Shipbuilding by the fourth quarter of 2024, adding that the new vessels will bring the Abu Dhabi-based marine company’s fleet size to 12 vessels worth AED 2.3 billion.

The company is preparing to transport transition fuels such as methanol, which it said will help the industry achieve net zero.

“In anticipation for 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,” the company said in a statement to Abu Dhabi Securities Exchange.

CEO Guy Neivens said: “Al Seer Marine is very serious about becoming 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.”

(Writing by Imogen Lillywhite; editing by Seban Scaria)