Saudi Arabia’s Bahri buys 9 VLCCs for almost $1 billion

Saudi Arabia

RIYADH, August 20, 2024 – The National Shipping Company of Saudi Arabia (Bahri) has agreed to purchase nine very large crude carriers for USD 999 million, Reuters reported on Tuesday.

The purchase was agreed with Greek-owned shipping and maritime services player Capital Maritime & Trading.

The vessels are expected to be delivered in Q1 2025.

In a statement issued on the Saudi stock exchange, Tadāwul, Bahri said the purchase will help it phase out older vessels under its fleet modernisation programme.

The company already operates 40 VLCCs, each with a capacity of 2.2 million barrels, the report noted.

Photo courtesy of Bahri.

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