The National Shipping Company of Saudi Arabia (Bahri) announced yesterday that the company has signed a Memorandum of Agreement (MoA) to purchase one VLCC - Hanjin Ras Tanura.

BAHRI Signs US$75 mln Memorandum Of Agreement To Purchase One VLCC

Crude oil tanker Hanjin Ras Tanura - Image: Hanjin

The crude oil tanker is built in 2011 at Hyundai Heavy Industries in South Korea at a Purchase Price of Seventy Five million dollars (US$75,000,000).

The vessel will be delivered to Bahri in March 2016. The financial implication of the purchased vessel is expected during the 2nd quarter of 2016.

Source: Bahri