Saudi shipping giant acquires nine oil tankers in USD1B deal
Date
8/21/2024 9:12:29 AM
(MENAFN) On Tuesday, the National Shipping Company of Saudi Arabia, known as Bahri, finalized a significant agreement to purchase nine large oil tankers from Capital Maritime and Trading Corporation. The transaction, valued at nearly 3.75 billion riyals (USD1 billion), will be financed through a mix of bank loans and internal funds. The terms of the deal include an initial payment of ten percent of the total value upon signing, with the balance due upon delivery of the tankers.
The delivery of these tankers is scheduled to occur in stages before the end of the first quarter of 2025. These new vessels will be used primarily for transporting crude oil shipments to Bahri’s clientele. This acquisition is part of Bahri’s broader strategy to modernize its fleet, particularly its oil transport sector, which currently includes a fleet of 40 giant tankers. The new tankers will help the company replace older ships, enhancing operational efficiency and maintaining its competitive edge.
As one of the world's largest owners and operators of very large crude carriers, Bahri boasts a fleet with a total capacity exceeding 13 million tons. This deal represents a strategic move to further bolster its position in the global shipping market and streamline its operations by integrating newer, more advanced tankers into its fleet.
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