The National Shipping Company of Saudi Arabia, aka Bahri, has returned to South Korea’s Hyundai Samho Heavy Industries for five newbuild Very Large Crude Carriers.Bahri signed the deal with Hyundai Samho, an affiliate of Hyundai Heavy Industries, late Tuesday. The contract includes options for five additional VLCCs.
The five newbuildings brings the total number of VLCCs Bahri has on order from Hyunday Samho to ten. In late May, Bahri signed a deal for the first five VLCCs for delivery in 2017. That order also included options for five additional vessels.
The newbuilds announced Tuesday will be delivered in 2017-2018.
All ten vessels will have a capacity of 300,000 DWT and built to the latest environmental and fuel-efficient technical specifications.
Once again, Bahri says that the signing of the contracts is for continuous renewal of the current fleet to meet the needs of the local and global markets and that financing details will be announced at a later time.
With a fleet of 31 VLCCs, Bahri is the exclusive provider of VLCC crude oil shipping services to state-owned Saudi Aramco under a long-term agreement signed in 2012. Bahri also owns 24 chemical carriers , 6 Ro-Ro vessels and 5 bulk carriers.