Bahri eyes an LNG fleet expansion: KSA shipping giant Bahri is looking to build a fleet of 20 to 30 new liquefied natural gas (LNG) tankers in a bid to boost the Kingdom’s fuel supplies and meet rising global demand, Bahri CEO Ahmed Ali Al Subaey told Asharq Business.

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Details are scant: The company aims to build the fleet — which is set to carry LNG, hydrogen, and ammonia — through joint ventures with unnamed partners. No investment ticket has been disclosed, but the plan is set to be presented to the board of directors for approval next year.

We knew this was coming: The firm said back in July — following its 2Q 2024 earnings — that it plans to generate further growth through strategic fleet expansion and upgrades. Bahri and Saudi investment holding firm Aljan & Bros renewed earlier this year an MoU to discuss establishing a joint venture in vessel building.

A boon for the Kingdom’s gas sector: KSA is looking to increase gas supplies by developing Aramco’s Jafurah field — a gas field estimated to contain some 200 tn standard cubic feet — which should help meet the Kingdom’s domestic energy needs, while the rest will be exported as hydrogen or LNG, Asharq writes.

Bahri’s also been on a purchasing spree: Bahri inked an agreement back in August to acquire nine very large crude carriers (VLCCs) from global shipping outfit Capital Maritime and Trading Corporation for SAR 3.75 bn (c.USD 1 bn). The shipping giant also reportedly bought four modern VLCCs earlier in May from South Korean SM Group subsidiary Korea Line Corporation.

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