Hyundai Mipo Dockyard hands over 1st of four new bulkers to Bahri

Hyundai Vietnam Shipbuilding (HVS), a subsidiary of Hyundai Mipo Dockyard Co. Ltd. (HMD), has delivered a new dry-bulk carrier to the national shipping carrier of Saudi Arabia Bahri.

The bulk carrier, named Sara, increases the company’s fleet of dry-bulk carriers to six ships in line with its efforts to expand its marine capabilities. The ship has a design draft speed of 14.20 knots at normal continuous rating (NCR) with a 15% sea margin.

The new Kamsarmax-class vessel is the first ship received as part of the agreement signed between Bahri Dry Bulk and South Korea’s HMD in August 2017 to build and deliver four new dry-bulk carriers by 2020.

The ships are designed to the latest international technical specifications and are fitted with environmentally-friendly specifications and high efficiency in fuel consumption, with a capacity of 80,000 metric tons per carrier.

The total price tag for the four newbuildings was USD 120 million, i.e., USD 30 million per ship.

In January 2018, Bahri Dry Bulk secured a SAR 360 million ($96 million) from Bank Albilad to finance the purchase of the quartet.

“This new vessel represents an important addition to our fleet, and for Bahri Dry Bulk in particular, as it reinforces our position as the foremost dry-bulk logistics provider in the region and beyond. The delivery comes against the backdrop of the global COVID-19 pandemic, underlining our commitment to expanding our business and upgrading our services, even in the most challenging of times,” Abdullah Aldubaikhi, CEO, Bahri, said.

Bahri said that the new carrier will serve the growing demand in the Kingdom of Saudi Arabia for imports of basic grains, such as wheat, barley, corn, and other dry-bulk cargoes.