News & insight

Bahri Announces Signing Of Contracts With Hyundai Samho Heavy Industries To Build Five (5) Very Large Crude Carriers

02 JUL 2015

Further to the announcement issued by The National Shipping Company of Saudi Arabia (Bahri) on Tadawul website dated 24/5/2015 regarding the contract signed with Hyundai Samho Heavy Industries to build five (5) VLCCs, with an option to build additional five (5) VLCCs, Bahri signed a contract with Hyundai Samho Heavy Industries on Tuesday evening 30/6/2015 to build additional five (5) VLCCs, total VLCCs presently under construction will become ten (10). These carriers will be delivered during 2017/2018. The financial impact of these contracts will appear after the delivery of the vessels. The Company will announce the financing details at a later time.

These VLCCs are designed to the latest international technical specifications and are fitted with environmentally friendly specifications and high efficiency in fuel consumption, with a capacity of 300,000 DWT/ per carrier. The signing of these contracts is for continuous renewal of the current fleet to meet the needs of the local and global markets.