Bahri adds VLCC ‘Lawhah’ to its fleet

01/02/2018 Argaam

 

The National Shipping Company of Saudi Arabia (Bahri) received a very large crude carrier (VLCC) named “Lawhah” on Thursday, the company said in a statement to Tadawul.

 

The vessel is one of five VLCCs financed by Standard Chartered Bank, Arab National Bank, National Bank of Abu Dhabi (now First Abu Dhabi Bank), and Bank Albilad, under a $350 million (SAR 1.31 billion) syndicated Murabaha facility signed in November 2016.

 

Last month, Bahri received VLCC Kassab, also financed under the same deal.

 

Commercial operations of Lawhah will begin in March, while the financial impact of the new VLCC will be reflected on Q1 2018 results, the statement added.

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