Bahri receives third VLCC from Hyundai Samho

19/07/2017 Argaam

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

 

The new carrier, dubbed Aslaf, is expected to start commercial operations in August, with financial impact set to appear on Q3 2017 earnings.

 

The VLCC is one of five tankers financed by a murabaha facility worth SAR 1.43 billion with Riyad Bank.

 

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, while the second VLCC was received in June. 

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