01 SEP 2025

Riyadh, Saudi Arabia – 01 Sep 2025: Bahri Oil, a business unit of Bahri – the National Shipping Company of Saudi Arabia and a global leader in logistics and shipping – has completed its $1 billion (SAR 3.75 billion) Very Large Crude Carrier (VLCC) acquisition with the delivery of the ninth and final vessel, BURQAN. The transaction with Greece-based Capital Maritime & Trading Corp., announced in August 2024, has now been successfully completed in less than 12 months, expanding Bahri’s VLCC fleet to 50 – the largest in the world.

This strategic expansion marks one of the most significant fleet investments in Bahri’s history and solidifies the company’s position as the world’s largest owner and operator of VLCCs. Built in South Korea, all nine vessels are scrubber-fitted and equipped with advanced energy-efficient and low-emission technologies, underscoring Bahri’s commitment to sustainable operations and compliance with international environmental standards.

Hisham Al Nughaimish, President of Bahri Oil, said: “Achieving 50 VLCCs represents a pivotal milestone in Bahri Oil’s growth journey. This expansion enhances our capacity to meet the evolving demands of global energy markets, while advancing Saudi Arabia’s Vision 2030 goal of becoming a world-class logistics hub. These vessels not only grow our fleet, but ensure it remains future-ready with cutting-edge, sustainable technologies.”

The nine-vessel acquisition brings Bahri Group’s total owned fleet beyond 100 vessels as of Q2 2025. Bahri reported strong financial performance in Q1 2025, with net profits rising 18% year-on-year to SAR 533 million, driven by improved fleet agility, gains from vessel sales, and diversification across shipping segments.

As Saudi Arabia’s national shipping carrier, Bahri continues to advance the Kingdom’s global maritime leadership through its integrated business units and world-class capabilities, driving innovation, enabling sustainable trade, and expanding Saudi presence in international markets.

-ends-