29 FEB 2016

The National Shipping Company of Saudi Arabia (Bahri) announces that the company has signed today on 28/2/2016 a Memorandum of Agreement (MoA) to purchase one (1) VLCC (Hanjin Ras Tanura) built in 2011 at Hyundai Heavy Industries in South Korea at a Purchase Price of Seventy Five million dollars (US$75,000,000). The vessel will be delivered to Bahri March 2016. The financial implication of the purchased vessel is expected during the 2nd quarter of 2016.