Bahri, the National Shipping Company of Saudi Arabia, signed a landmark Murabaha Financing Agreement with Alinma Bank to secure financing to support its fleet modernization program, according to the company's release.
Under the terms of the facility agreement, Alinma Bank will extend a credit facility worth USD 756 million (SAR 2.835 billion) to partially finance the purchase of nine state-of-the-art Very large Crude Carriers (VLCCs) intended to streamline the process of phasing out older vessels, to further strengthen its position as a global leader in maritime logistics and transportation.
Strategic fleet modernization has always been a core focus of Bahri’s strategy. Leveraging the Kingdom's strategic location, the company has been actively expanding into new sectors and global markets.