Bahri Orders Five VLCCs from Hyundai Samho
- Business & Finance
The National Shipping Company of Saudi Arabia (Bahri) inked an agreement with Hyundai Samho Heavy Industries (HSHI) on May 21, 2015 to build 5 very large crude carriers (VLCCs) plus 5 more optional VLCCs.
Eng. Ibrahim Abdulrahman Al-Omar, Bahri’s Chief Executive Officer said that this agreement is in line with Bahri’s plans to renew and expand its fleet to meet the requirements of both local and international markets.
The first 5 VLCCs are due for delivery during 2017. According to Bahri, these carriers are designed to the latest international technical specifications and are fitted with environment friendly and fuel efficient engines.
“This ship order will ensure that Bahri remain competitive in the shipping market, support its efforts to expand its customer base and ensure reliable and efficient services,”Al-Omar added.
Bahri is the exclusive provider of VLCC transport services for Saudi Aramco-delivered crude oil under a long-term contract of affreightment.
The company has recently signed a 10-year agreement with Korea’s S-Oil Corporation. Under this agreement, it will transport crude oil cargoes on VLCCs from the Arabian Gulf and the Red Sea to Ulsan in South Korea.