Bahri orders three oil tankers for $451 million — Asharq Al-Awsat

In Saudi Arabia, national shipping company Bahri has signed a contract with International Maritime Industries for the construction and delivery of three very large crude carriers. The total value of the deal is about $451 million, or 1.692 billion Saudi riyals, Asharq Al-Awsat reports.

Delivery in 2029–2030

The deadweight tonnage of each vessel will be 320,000 tonnes. The tankers are to be delivered to Bahri in stages during 2029 and 2030, according to the company’s disclosure on the Saudi Stock Exchange Tadawul.

The financial impact of the contract will be reflected in Bahri’s financial statements after the vessels are received and begin commercial operations. The agreement will remain in force until the last tanker is delivered.

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Fleet expansion

Bahri stated that the deal is part of its strategy to modernize its fleet and expand the company’s long-term operational capabilities. According to the company, it also supports Saudi Arabia’s course toward developing a competitive maritime sector, localizing shipbuilding and related supply chains under the Vision 2030 economic transformation program.

Following the signing of the contract, the number of Bahri vessels under construction in Saudi Arabia will increase to nine: six bulk carriers and three very large crude carriers. The company plans to finance the contract through a combination of its own funds and bank financing.