Saudi shipowner Bahri has signed a $450 million contract with International Maritime Industries (IMI) for three very large crude carriers (VLCCs), supporting its fleet modernization strategy and its commitment to developing Saudi Arabia’s maritime industry.
The deal, signed in conjunction with the Saudi Maritime and Logistics Congress last week, includes three 320,000 deadweight tons (dwt) capacity tankers. Investment is at SAR 1.629 billion ($450 million) and new vessels are expected to be delivered between 2029 and 2030.
Eng. Ahmed Alsubaey, CEO of Bahri, stressed the strategic importance of the order, adding that fleet renewal is a key pillar of the company’s long-term development plans. The newbuildings are expected to enhance the shipowner’s operational capabilities by introducing more modern and fuel-efficient vessels.
Alsubaey underscored that the agreement will boost Bahri’s collaboration with IMI and help develop Saudi Arabia’s maritime supply chain.
The investment follows a hot market for very large crude carriers, with VLCCs currently earning record spot rates. The agreement also reinforces Bahri’s ongoing backing of IMI, the Saudi shipyard joint venture in which the shipowner has an interest.
For IMI, the contract is another step forward in the expansion of the Kingdom’s domestic shipbuilding capabilities. The agreement is testimony to the ongoing development of the Saudi maritime sector, according to its CEO, Eng. Abdullah Al-Ghamdi. The shipyard, he added, looks forward to catering to Bahri’s future requirements while supporting the localization of shipbuilding, in line with the objectives of Saudi Arabia’s Vision.
With this latest agreement Bahri has nine vessels on order at IMI. The portfolio includes six Ultramax bulk carriers and three VLCCs, demonstrating the shipowner’s continued focus on fleet expansion and renewal.
