Bahri receives second VLCC from Hyundai Samho

12/06/2017 Argaam

The National Shipping Company of Saudi Arabia (Bahri) has taken delivery of the second Very Large Crude Carrier (VLCC) from South Korea’s Hyundai Samho Heavy Industries Co., the company said in a statement to Tadawul on Monday.

 

The new carrier “Mahaara” is expected to start commercial operations in July, with financial impact forecasted to appear on Q3 2017 earnings.

 

The VLCC, which boosts Bahri’s fleet to 38 carriers, is one of the five tankers financed by a murabaha facility worth SAR 1.42 billion with Riyad Bank.

 

Another vessel is scheduled to arrive in July, according to earlier news reports.

 

In 2015, Bahri signed an agreement with Hyundai Samho to build five VLCCs, with an option to build an additional five carriers. 

 

The Tadawul-listed company received its first VLCC from this deal in February. 

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