12 JUN 2017
300,000-dwt ‘MAHARAH’ second VLCC delivery of 2017 with 8 more on order
Riyadh, Saudi Arabia – June 12, 2017: Bahri, a global leader in transportation and logistics, today reinforced its position as the world’s largest owner and operator of Very Large Crude Carriers (VLCCs) with the addition of ‘MAHARAH’, a 300,000-dwt carrier to its fast-growing fleet. Built by Hyundai Heavy Industries (HHI) in South Korea, ‘MAHARAH’ is Bahri’s 38th VLCC.
Built to the latest environmental and fuel-efficient technical specifications, ‘MAHARAH’ was handed over to Bahri during a delivery ceremony held at HHI’s Mokpo shipyard in South Jeolla Province, South Korea. Bahri’s Board Member, Ahmed Ali Al-Subaey, Hyundai Heavy Industries’ President and CEO, M. K. Yoon, Bahri’s Acting CEO, Ali Al-Harbi, Bahri Ship Management’s President, Per Pedersen, Bahri’s Senior Vice President – Marketing, Wael Al-Sarhan, Bahri’s Vice President – Commercial, Hisham Alnughaimish, and other senior officials from both organizations attended the special event.
Ahmed Ali Al-Subaey, Board Member, Bahri, said, “This is a very proud moment for all of us at Bahri as well as for Saudi Arabia. The addition of ‘MAHARAH’ further strengthens our position as the world's largest owner and operator of VLCCs and reinforces our leadership position in the global transportation and logistics sector. We celebrate this important milestone only months after accepting delivery of our 37th VLCC ‘AMJAD’ earlier this year in February. In current times, fleet growth is critical to offsetting low spot market rates, and the timing of this delivery could not have been better.”
Ali Al-Harbi, Acting CEO, Bahri added, “The partnership between Bahri and Hyundai Heavy Industries spanning over a decade has been highly successful, with 26 vessels ordered and delivered to date and 8 more VLCCs currently on order, among which 3 will be delivered this year. With increased capacity and tonnage, we can continue to deliver world-class transportation solutions and value to our customers, shareholders and staff. Bahri is a homegrown Saudi brand and a remarkable success story that further enhances the country’s position on the world map.”
M. K. Yoon, President and CEO of Hyundai Heavy Industries, said, “Apart from the commercial significance, our relationship with Bahri is one that holds immense strategic importance not only for our two organizations but also for our two nations. With over 30 ocean-freight vessels delivered or currently on order, and other significant collaborative plans in the discussion or planning phase, HHI and Bahri are set to alter the course of the global shipping industry. The delivery of ‘MAHARAH’ is another milestone achievement for us.”
Bahri Oil, one of Bahri’s six business units, will be responsible for the commercial operation of ‘MAHARAH’. Bahri Oil has several long-term contracts with first-class charterers, with volumes exceeding its owned fleet capacity.