Bahri and IMI sign $451.8m deal for newbuild VLCC trio

Saudi Arabia National Shipping Company (Bahri), the Kingdom’s shipping and logistics provider, and International Maritime Industries (IMI), a large integrated maritime yard in the MENA region, have signed a contract for the construction of three very large crude carriers (VLCCs) at IMI’s facility in Saudi Arabia, in conjunction with the Saudi Maritime & Logistics Congress.

Under the deal, valued at around SAR 1.692bn ($451.8m), IMI will build three VLCCs, each with a capacity of 320,000-dwt.

The vessels will be equipped with advanced energy-efficiency technologies and are scheduled for phased delivery between 2029 and 2030.

Bahri said the contract forms part of its strategy to modernize its fleet and expand its operational capabilities to meet the rising demands of global energy markets.

With this contract, the total number of vessels Bahri has contracted to be built in Saudi Arabia since the beginning of the year rises to nine vessels, comprising six ultramax bulk carriers and three VLCCs.

Commenting on the agreement, Eng. Ahmed Alsubaey, chief executive officer of Bahri, said: “Fleet modernization is a key pillar of our