Bahri added nine new VLCCs to its fleet

Bahri’s VLCC fleet hits 50 ships: National Shipping Company of Saudi Arabia (Bahri) added nine very large crude carriers (VLCCs) earmarked at USD 1 bn — bringing its total operational fleet to 50 of the advanced vessel model, according to a statement. The deliveries came one year after Bahri signed a SAR 3.75 bn (c. USD 1 bn) agreement with global shipping outfit Capital Maritime and Trading Corporation to procure nine VLCCs.

About the vessels: Each vessel has an average capacity of 310k dwt, increasing the company’s total fleet handling capacity to 15.5 mn dwt. The vessels are scrubber-fitted and equipped with tech ensuring higher energy efficiency and lower emissions.

The funding: The company secured a SAR 2.8 bn (USD 756 mn) Murabaha financing agreement with Alinma Bank to back the acquisition last October. The 10-year facility — backed by mortgaging VLCCs — covered about 70% of the acquisition costs for nine new VLCCs.

The wider picture: The acquisition brings Bahri’s total fleet to 104 vessels, made up of 33 chemical and product tankers, eight multipurpose vessels, and 13 dry bulk carriers — in addition to the 50 VLCC carriers, according to its website.

The Saudi shipping giant is also venturing into LNG cargo, with plans announced last year to build a fleet of 20-30 new LNG tankers — also capable of moving green hydrogen and ammonia. The bid to move LNG cargo comes as Aramco — one of Bahri’s owners — ramps up its natural gas production and trade operations amid growing global demand for the fuel.

REMEMBER- The vessels — reportedly built in South Korean shipyards — were scheduled for delivery in batches before the close of 1Q 2025.