International Maritime Industries signs VLCC order with Bahri

International Maritime Industries (IMI) has signed a Vessel Purchase Agreement with the National Shipping Company of Saudi Arabia (Bahri) and a subsequent sub-contract agreement with Hyundai Heavy Industries Co (HHI) to build one 319,000 DWT Class Crude Oil Carrier, said a statement.

The crude carrier’s delivery is expected in October 2021, the statement added. Bahri have issued IMI its first VLCC order, which IMI will sub-contract to HHI at their facilities in Ulsan.

"This sub-contract award provides many benefits for IMI, including transfer of knowledge from HHI to IMI, a mechanism to grant use of Intellectual Property to IMI, development plans for IMI employees to acquire new skills in shipbuilding and planning, as well as technical assistance," said Fathi K. Al-Saleem, IMI Chief Executive Officer.

He added "This project award will also contribute to the long-term growth of this new industry in Saudi Arabia and will enable IMI to independently build VLCCs in Saudi Arabia to the highest international shipbuilding standards."

IMI, located in the King Salman Complex for International Maritime Industries & Services at Ras Al-Khair, Saudi Arabia, will be the largest, full service maritime facility in MENA, the statement added.

When building is complete, the annual capacity of the facility will be four new build offshore rigs and over 43 new build vessels including VLCCs, in addition to servicing more than 260 maritime products.

The first phase of production operations is expected to commence toward the end of 2020 with the facility reaching its full production capacity by 2022. IMI is a joint venture between Saudi Aramco, Lamprell, Bahri and Hyundai Heavy Industries.