Bahri secures $1bn deal to acquire 9 very large crude carriers
Saudi Arabia’s National Shipping Co. has signed a $1 billion deal to purchase nine very large crude carriers as part of its fleet modernization efforts.
The agreement was made with Greece-based Capital Maritime and Trading Corp., with delivery of the vessels expected in multiple batches before the end of the first quarter of next year, the firm, also known as Bahri, said in a Tadawul statement.
The purchase will be financed through a mix of bank facilities and internal cash resources, with 10 percent of the total payment made upfront and the remaining 90 percent upon delivery.
This deal aligns with Bahri’s role in supporting Saudi Arabia’s Vision 2030, which aims to establish the Kingdom as a key logistics hub across three continents.
“The transaction will modernize Bahri’s fleet, particularly its Oil Transport business unit which currently operates a fleet of 40 VLCCs, and enable it to streamline the process of phasing out older vessels in its fleet going forward,” said the shipping company in the statement.
It added: “The transaction will improve the fleet competitiveness of Bahri Oil Transport business unit as the modern, eco-scrubber, and cost-efficient VLCCs will boost both its revenues and profitability.”
Bahri further noted that the nine VLCCs were built in South Korea and have an average age of 5.9 years. These carriers are also equipped with high energy efficiency and low emission features to minimize environmental impact.
