The Saudi-based logistics and energy transportation company Bahri inked a 5-year USD 800 mn Murabaha revolving credit facility agreement with Al Rajhi Bank, according to a press release. The funding aims to support the company’s financial position and will go to its working capital and CAPEX requirements.

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Not Bahri’s first Murabaha facility: Bahri secured a 10-yearSAR2.8 bn (USD 756 mn) Murahaba agreement from Alinma Bank by mortgaging a share of its fleet last October. The liquidity injection helped the company cover 70% of the costs for purchasing nine new, very large crude carriers (VLCCs).

REMEMBER- Bahri has major modernization plans: The company said in September that it was planning to build 20-30 new LNG tankers capable of hauling LNG, hydrogen, and ammonia through JVs with unnamed partners last September. In October, the company secured funding to buy nine VLCCs that would enable the energy carrier to phase out older vessels.

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