Bahri Dry Bulk secures SAR 360 mn financing from Bank Albilad to purchase four new bulk carriers
Bahri Dry Bulk, a business unit of global transportation and logistics leader Bahri, has announced that it has secured a Sharia-compliant funding of SAR 360 million from Bank Albilad, one of the fast-growing banks in Saudi Arabia, to finance the purchase of four new bulk carriers as part of an agreement signed by the company in 2017 with Hyundai Mipo Dockyard (HMD), a member of Hyundai Heavy Industries (HHI) Group, the world’s largest shipbuilding company based in South Korea.
The credit facility, which will be paid over six months, and has a tenure of 13 years including a three-year grace period, will be used to finance 80% of the agreement concluded on 27 August last year. The company has provided all the necessary guarantees for obtaining the loan, including a pledge of the four carriers upon delivery from the shipbuilding yard.
Established in 2010 as a 60/40 joint venture between Bahri and Arabian Agricultural Services Company (ARASCO), Bahri Dry Bulk is a leading bulk carrier in Saudi Arabia specializing in the transportation of grain, coal and other dry bulk cargoes. The company currently owns and operates a state-of-the-art, large capacity, fuel-efficient fleet of five dry bulk vessels.