{"id":90675,"date":"2024-10-20T00:00:00","date_gmt":"2024-10-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/10\/20\/alinma-bank-extends-bahri-usd-756-mn-murabaha-financing-to-modernize-fleet\/"},"modified":"2024-10-20T00:00:00","modified_gmt":"2024-10-20T00:00:00","slug":"alinma-bank-extends-bahri-usd-756-mn-murabaha-financing-to-modernize-fleet","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/10\/20\/alinma-bank-extends-bahri-usd-756-mn-murabaha-financing-to-modernize-fleet\/","title":{"rendered":"Alinma Bank extends Bahri USD 756 mn murabaha financing to modernize fleet"},"content":{"rendered":"

The National Shipping Company of Saudi Arabia (Bahri) secured a SAR 2.8 <\/strong>bn (USD 756<\/strong> mn) Murabaha financing agreement with Alinma Bank<\/strong>, Bahri said in a press release<\/a> and disclosure<\/a>to Tadawul<\/a>. The 10-year facility is backed by mortgaging very large crude carriers (VLCCs) and will cover about 70% of the acquisition costs for nine new VLCCs. Bahri is partly owned by PIF and oil giant Aramco.<\/p>\n

Background: <\/strong>Bahri inked a SAR 3.75 bn (c. USD 1 bn) agreement in August to acquire nine<\/a><\/a>VLCCs<\/a> from global shipping outfit Capital Maritime and Trading Corporation, with the vessels scheduled for delivery in batches before the close of 1Q 2025. Bahri paid 10% of the total upfront, with the remaining 90% due upon delivery, adding that the purchase would be financed by a combination of banking facilities and internally generated funds.<\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

What they said:<\/strong> \u201cThe enhanced financial capabilities from this collaboration will fuel our efforts to improve our overall fleet competitiveness that will lead to enhancing the company\u2019s revenues and profitability, aligning with our long-term strategic goals,\u201d Bahri CFO Basil Abulhamayel said.<\/p>\n

More on Bahri\u2019s fleet modernization plans: <\/strong>The nine newly acquired VLCCs will enable the energy carrier to phase out older vessels, the statement said. CEO Ahmed Ali Al Subaey also outlined plans last month for the company to build 20-30 new LNG tankers<\/a> capable of hauling LNG, hydrogen, and ammonia through JVs with unnamed partners. Al Subaey had referenced general plans to upgrade the company\u2019s fleet in statements accompanying Bahri\u2019s 2Q 2024 earnings<\/a>.<\/p>\n

\n

IN OTHER DEBT NEWS-<\/p>\n

Nomu-listed stationery and office supplies distributor Pan Gulf Marketing (PGM) secured <\/strong>a SAR 57.1 mn Shariah-compliant bank facility from Al Rajhi Bank<\/strong>, according to a disclosure to Tadawul<\/a>. The one-year financing agreement is not backed by guarantees and is directed towards shoring up PGM\u2019s working capital. No further information was disclosed. <\/p>\n","protected":false},"excerpt":{"rendered":"

Bahri had paid 10% of the USD 1 bn contract for the new vessels upfront<\/p>\n","protected":false},"author":1,"featured_media":90676,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2590],"tags":[72,57,10,238,3270],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-90675","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-alinma-bank","tag-debt-watch","tag-enterpriseam-ksa","tag-logistics","tag-national-shipping-company-of-saudi-arabia-bahri","wpautop","entry"],"acf":{"mongo_id":"f5d36bdf-4f38-465a-9324-e6e53f8021b5","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/1577.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Alinma Bank extends Bahri USD 756 mn murabaha financing to modernize fleet","related_issue":[90660],"teaser":"Bahri had paid 10% of the USD 1 bn contract for the new vessels upfront","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.c00dc050-ad8a-461d-97e0-408746020b5b.mp3"},"yoast_head":"\nAlinma Bank extends Bahri USD 756 mn murabaha financing to modernize fleet - 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