Bahri Acquires ‘Aldebaran Star’ from Vela for $26.82 mln

Saudi Maritime Transport, also known as Bahri, acquired on Thursday Aldebaran Star VLCC from Vela for SAR 100.7 million, about $26.82 million, the company said in a statement to Tadawul.

Bahri financed the new vessel, which has been renamed to Khafji, through a Murabaha loan.

According to Bahri’s statement, the vessels’ cost increased by SAR 300 million. In November 2012, their cost had been estimated at SAR 3.66 billion.

Last June, Bahri signed a SAR 3.18 billion Murabaha bridge-financing agreement with JP Morgan Chase Bank, Samba Financial Group, and Saudi British Bank to finance its fleet integration with Vela.

Remaining Vela vessels will be transferred to Bahri’s ownership before the end of this year, according to an agreement between both companies.

The fleet integration’s financial impact will be reported in fourth quarter results,Bahri said.

Bahri announced in July that the first phase of the integration process had already been completed, according to data available on Argaam.