Bahri signs SAR 1.7B contract to build 3 VLCCs

A Bahri vessel

National Shipping Company of Saudi Arabia (Bahri) signed a contract with International Maritime Industries (IMI) to build and deliver three very large crude carriers (VLCCs) for approximately SAR 1.69 billion ($451 million).

In a statement to Tadawul, the company said the contract will conclude when the last vessel is delivered. IMI is scheduled to deliver the tankers to Bahri in batches between 2029 and 2030. Each vessel will have a deadweight tonnage of 320,000 tons.

Bahri said it will finance the contract through a combination of internal cash resources and bank facilities. The financial impact will be reflected in its financial statements upon receipt of the vessels, based on the delivery schedule, and commencement of commercial operations.

IMI is a related party to the contract, as Bahri owns 19.9% of its capital. Ahmed Ali Al-Subaey, CEO and board member of Bahri, is also a related party as he serves on IMI’s board.

The company said the agreement marks an important milestone in its ongoing strategy to modernize and expand its fleet, enhance long-term operational efficiency, and strengthen its ability to meet changing demands in global energy and maritime transport markets.

The agreement also supports Saudi Arabia’s ambition to build a globally competitive maritime ecosystem by localizing shipbuilding capabilities and related supply chains, in line with Saudi Vision 2030.

The contract brings the total number of vessels being built for Bahri in the Kingdom to nine, including six bulk carriers and three VLCCs.