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.