Bahri's subsidiary inks SAR 360 mln facility with Bank Albilad

07/01/2018 Argaam

 

Bahri Dry Bulk Co., 60 percent-owned by National Shipping Company of Saudi Arabia (Bahri), has signed a SAR 360 million Islamic facility with Bank Albilad, the company said in a statement on Tadawul.

 

The facility will be used to finance 80 percent of the cost of building four bulk carriers by Hyundai Heavy Industries (HHI), the statement added.

 

The 13-year facility includes a grace period of three years, and will be paid in semi-annual installments. The vessels will be mortgaged to the bank as collateral.

 

On August 25, Bahri’s subsidiary inked a deal worth $120 million with HHI to build four bulk carriers, Argaam reported.

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