Saudi's Bahri orders five more oil tankers from Hyundai Heavy Industries

By Finance

On Wednesday (July 1) the National Shipping Company of Saudi Arabia, the Bahri, which is the exclusive oil-shipper for Saudi Aramco, signed a contract for the building of five additional VLCC oil tankers with the South Korean shipbuilder Hyundai Heavy Industries.

Image: Bahri

In May 2015, the Saudi Arabian company signed a contract for the building of five very large crude tankers by Hyundai, which have to be delivered by the end of 2017. The agreement included an option to buy 5 more and according to the latest company announcement, the order is taking place now.

Bahri stated that the financial impact of these contracts will appear after the delivery of the vessels. The Company will announce the financing details of the agreements some time later.

These 10 VLCCs 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 300,000 DWT/ per carrier.

The signing of these contracts is for continuous renewal of the current fleet to meet the needs of the local and global markets.

Related news: Saudi’s Bahri confirms order to Hyundai Heavy for five VLCC oil tankers