Bahri completes SAR 3.75B purchase of 9 VLCCs

Logo of National Shipping Company of Saudi Arabia (Bahri)

National Shipping Company of Saudi Arabia (Bahri) said today, Sept. 1, it finalized a SAR 3.75 billion ($1 billion) deal with Athens-based Capital Maritime & Trading Corp. to acquire nine very large crude carriers (VLCCs), following the delivery of the last vessel, Burgan.

The company said the deal was completed in less than 12 months, raising its owned VLCC fleet to 50, the largest globally.

The deal also pushed Bahri’s total owned vessels above 100 by the end of Q2 2025. The nine VLCCs, built in South Korea, are equipped with the latest technologies aimed at cutting carbon emissions and improving energy efficiency.

Bahri originally announced the deal in August 2024 as part of its fleet modernization strategy. At the time, it said 10% of the value would be paid on signing, with the balance due on delivery, financed through a mix of bank facilities and internal cash, according to Argaam data.