Bahri Commits to VLCCs a Saudi Arabia’s New King Salman Maritime Complex

Saudi Arabian shipping company Bahri has signed a Memorandum of Understanding for the construction of the first VLCCs at the new King Salman Complex for International Maritime Industries (IMI) and Services at Ras Al-Khair, Saudi Arabia.  Under part of the MoU, Bahri has committed to placing the order before the end of July 2019. IMI will then Hyundai Heavy Industries as … [Read more...]

Saudi Tanker Company Bahri Targets Acquisitions in Asia, Middle East

By Marwa Rashad RIYADH, Nov 7 (Reuters) - Saudi Arabia's Bahri is targeting acquisitions in Asia and the Middle East as the exclusive oil shipper for state energy giant Saudi Aramco seeks to expand its reach, the chief executive said on Wednesday. Bahri is the world's largest owner and operator of very large crude carriers (VLCCs). Saudi sovereign wealth fund the Public … [Read more...]

Bahri Plans Biggest Tanker Fleet with 46 VLCCs

By Wael Mahdi (Bloomberg) -- A venture between Arab Petroleum Investment Corp., known as Apicorp, and National Shipping Co. of Saudi Arabia will create the world’s largest fleet of oil tankers and support the kingdom’s plan to boost crude exports, Saudi Energy Minister Khalid Al-Falih said. Apicorp, a multilateral energy-finance lender, and the Saudi shipping company, … [Read more...]

Saudi’s Bahri Secures Financing for Five VLCCs

DUBAI, April 3 (Reuters) - National Shipping Company of Saudi Arabia said on Sunday it had signed a murabaha facility with Riyad Bank valued at 1.425 billion riyals ($380 million) to finance the construction cost of five very large crude carriers. The facility lasts for a period of 10 years and six months, and includes a maximum two-year grace period, the firm known as Bahri … [Read more...]

Saudi Tanker Company Bahri Posts Huge Q4 Profit Jump

DUBAI, Jan 17 (Reuters) - National Shipping Company of Saudi Arabia (Bahri) reported a huge jump in fourth-quarter net profit on Sunday, citing a rise in revenue after the completion of its merger with Vela Marine International and an increase in its fleet size. The exclusive oil-shipper for Saudi Aramco reported a net profit for the three months to Dec. 31 of 566.9 million … [Read more...]