PHOTO
The National Shipping Company of Saudi Arabia (Bahri) has signed a 2.835 billion riyals ($756 million) Murabaha financing agreement with Alinma Bank.
The agreement will finance approximately 70% of the purchase value of nine very large crude carriers (VLCCs) acquired in August.
Bahri has mortgaged the purchased VLCCs as a guarantee.
The funding was obtained on 16 October 2024, with a 10-year tenure, according to a Saudi Tadawul disclosure.
Bahri signed an agreement with Greek firm Capital Maritime & Trading Corp. to acquire nine VLCCs for approximately SAR 3.75 billion on 19 August as part of its strategy to modernise its fleet and phase out older carriers.
Delivery was scheduled in multiple batches before end of Q1-2025, with Bahri to pay 10% of the total transaction amount upon signing the purchase agreement, while the remaining 90% to be paid upon delivery of the vessels.
(Writing by Bindu Rai, editing by Brinda Darasha)
