One Of The World’s Largest VLCC Fleet Operators Set To Acquire 9 VLCCs For $1 Billion
In its ongoing efforts to modernise its shipping fleet, the National Shipping Company of Saudi Arabia (Bahri) has decided to acquire 9 VLCCs for about a billion U.S dollars from Evangelos Marinaki’s Capital Maritime and Trading Corporation situated in Greece.
The purchase deal was finalised on August 19, 2024.
The company wants to expand the shipment of Saudi Arabia’s crude which is why new and modern vessels are a need.
Bahri presently has 40 VLCCs having a capacity of over 13 million tonnes. This agreement will aid in phasing out old vessels and bring new ones into operation, helping streamline the processes.
This endeavour would improve the fleet competitiveness of the Bahri Oil Transport Business since the advanced, eco-scrubber and cost-effective VLCCs would increase profits and revenues, the company mentioned in a stock exchange filing.
The agreement would help Bahri modernise its fleet and reinforce its rank among the top VLCC owners in the world.
Bahri said that presently it has the biggest fleet of double-hulled VLCCs and is among the biggest VLCC operators just behind China.
Most ships of the Bahri fleet were constructed in South Korea with an average age of 5.9 years. The ships are energy efficient and equipped with low-emission technologies, thereby decreasing their environmental impact.
Each ship has an average deadweight tonnage of about 311,500 DWT.
The VLCCs will be delivered in multiple batches and all vessels will be handed over to the company by the first quarter of 2025.
Around 10% of the total transaction amount will be paid initially and the remaining 90% will be paid after delivery of the ships. The finances will be taken care of via banking and funds generated internally.
Reference: Star Concord
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