The National Shipping Company of Saudi Arabia (Bahri) signed with Hyundai Samho Heavy Industries (HSHI) today, May 24, 2015, an agreement to build 5 very large crude carriers (“VLCCs”) plus 5 more optional VLCCs.
The signing ceremony was attended by Eng. Ibrahim Abdulrahman Al-Omar, Bahri’s Chief Executive Officer and Mr. S. H. Ka, Hyundai’s Member of the Board & Chief Operating Officer.
Eng. Al-Omar, stated 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. These carriers are designed to the latest international technical specifications and are fitted with environment friendly and fuel efficient engines.
Eng. Al-Omar also mentioned that this will rank Bahri as number one VLCC owner globally. 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.
Bahri is the exclusive provider of VLCC transport services for Saudi Aramco delivered crude oil sales 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.
