Bahri to Spend $1B on VLCC Vessels

The National Shipping Company of Saudi Arabia (Bahri)  signed a purchase agreement to acquire nine Very Large Crude Carriers (VLCCs) from Capital Maritime and Trading Corporation for approximately $1B, the company said.

The purchase is part of a modernization drive and will enable the company to start phasing out older vessels, Bahri said in a statement issued via Saudi Arabia's stock exchange.

The ships will be delivered before the end of the first quarter of 2025, with Bahri paying for 10% of the purchase upon signing and the remainder upon delivery.

Bahri operates 40 VLCCs, each with a capacity of 2.2 million barrels.

(Reuters)