Bahri Adds New VLCC to Its Fleet

The National Shipping Company of Saudi Arabia (Bahri) expanded its fleet as it took delivery of a new very large crude carrier (VLCC) on January 22.

The 300,000 dwt tanker, which was named Kassab, was built by South Korea’s Hyundai Samho Heavy Industries.

Bahri said it expects the ship to start its commercial operation in March 2018, adding that the financial impact of the new VLCC is set to be in the first quarter of 2018.

The 330-meter-long and 60-meter-wide vessel is one of five VLCCs that were ordered from the shipbuilder in 2016. In November the same year, Bahri reached a financing agreement with Standard Chartered Bank, Arab National Bank, National Bank of Abu Dhabi and Bank Albilad, which partially funded the construction of the ships.

According to the company’s stock exchange release in November 2016, the financing agreement amounted to USD 350 million for a period of ten years, plus a grace period of 22 months for guarantees.

The remaining ships under the deal are expected to be handed over to Bahri by mid-2018, data provided by VesselsValue shows.