One More VLCC Newbuild Joins Bahri
- Business & Finance
National Shipping Company of Saudi Arabia (Bahri) has taken delivery of Shaden, a very large crude carrier (VLCC), from South Korean Hyundai Samho Heavy Industries (HSHI) shipyard.
Flying the flag of Saudi Arabia, Shaden features a length of 330 meters and a width of 60 meters.
Currently, the newbuilding has a market value of USD 81.39 million, according to data provided by VesselsValue.
The newly received vessel is one of the five VLCCs financed by Riyad Bank, Bahri said.
The commercial operation of Shaden is expected to begin in December 2017.
Bahri’s fleet currently comprises 88 vessels including 41 VLCCs, 36 chemical/product tankers, six multipurpose vessels and five dry bulk carriers. In addition, the company has five VLCCs on order.
The delivery of Shaden comes only days after Bahri released its financial results for the third quarter of this year which show that the company’s profit for the period dropped by 80.8 percent to SAR 60.5 million from SAR 315.3 million seen in the same quarter a year earlier.