Saudi Arabia’s National Shipping Co. has signed a $1 billion deal to purchase nine very large crude carriers for its fleet modernization efforts.
The agreement was made with Greece-based Capital Maritime and Trading Corp., and the firm, also known as Bahri, said in a Tadawul statement that delivery of the vessels is expected in multiple batches before the end of the first quarter of next year.
The purchase will be financed through bank facilities and internal cash resources, with 10 percent of the payment made upfront and the remaining 90 percent upon delivery.
This deal aligns with Bahri’s role in supporting Saudi Arabia’s Vision 2030, which aims to establish the Kingdom as a key logistics hub across three continents.
“The transaction will modernize Bahri’s fleet, particularly its Oil Transport business unit, which currently operates a fleet of 40 VLCCs, and enable it to streamline the process of phasing out older vessels in its fleet going forward,” said the shipping company.
It added, “The transaction will improve the fleet competitiveness of Bahri Oil Transport’s business unit, as the modern, eco-scrubber, and cost-efficient VLCCs will boost both its revenues and profitability.”
Bahri further noted that the nine VLCCs were built in South Korea with an average age of 5.9 years. These carriers also have high energy efficiency and low emission features to minimize environmental impact.
Source: Port News
