Bahri inks contract with Hyundai for 5 VLCCs

The National Shipping Company of Saudi Arabia (Bahri) said it signed on Tuesday an option with Hyundai Samho Heavy Industries, which will build five Very Large Crude Carriers (VLCCs) for Bahri.

The orders will increase Bahri’s total VLCCs currently under construction to 10, with expected delivery during 2017-18, the exclusive oil-shipper for Saudi Aramco, said in a statement on Tadawul. The company ordered a similar number more than a month ago from the same yard.

Bahri, which didn’t disclose the price of the deal, said it will reveal financing details later. Financial impact will appear after the delivery of the vessels.

The VLCCs, with a capacity of 300,000 deadweight tonnage each, are designed to the latest international technical specifications and are environment friendly and fuel-efficient, the company added.

Bahri said it is continuously renewing its fleet to meet increasing needs of the local and global markets. 

Crude carriers (VLCCs)