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Saudi Arabia’s national shipping company Bahri has bought nine crude oil carriers for SAR 3.75 billion ($1 billion) from Greek shipping company Capital Maritime and Trading Corporation.
The new very large crude carriers (VLCCs) have been acquired as part of Bahri’s fleet modernisation plans to phase out older vessels, the company said in a bourse filing.
The Saudi Stock Exchange (Tadawul) filing said the 300,000 ton vessels use eco scrubber technology, an exhaust gas cleaning system, and will improve earnings by being more cost efficient.
The ships, which were built in South Korea, and are on average 5.9 years old and are to be delivered in batches before end Q1 2025, with 10% payment to be made on signing of the purchase agreement and the remaining 90% to be paid on delivery, the bourse filing concluded.
(Writing by Imogen Lillywhite; editing by Seban Scaria)
