Saudi shipping group Bahri has ordered three very large crude carriers from International Maritime Industries (IMI) in a contract valued at SAR1.692bn ($451m).
The three 320,000 dwt vessels will be constructed at IMI’s Ras Al Khair facility on Saudi Arabia’s eastern coast. Deliveries are scheduled between 2029 and 2030.
The agreement was signed on October 22 and disclosed on Sunday. At roughly $150m per vessel, the order forms part of Bahri’s tanker fleet expansion and its support for domestic shipbuilding capacity.
Operational context
Bahri said the VLCC newbuildings will incorporate advanced energy-efficiency technologies. Funding for the programme is expected to combine internal cash resources and bank facilities.
The Riyadh-listed shipowner is also linked to the builder through its 19.9% shareholding in IMI. The yard is a joint venture involving Saudi Aramco, South Korea’s HD Hyundai and Lamprell. Bahri chief executive Ahmed Al-Subaey serves on IMI’s board.
The latest tanker order brings Bahri’s commitments for Saudi-built vessels to nine. In October last year, the company ordered six geared ultramax bulk carriers from the same yard in a deal valued at $203m. Those vessels, each of 62,823 dwt, are due for delivery between 2028 and 2029 and were described as the start of Saudi Arabia’s first large-scale commercial shipbuilding programme.
IMI has previously contributed to Bahri’s VLCC development. In 2021, Bahri took delivery of the 319,000 dwt Rayah, which was built in South Korea under an earlier partnership between IMI and Hyundai Heavy Industries. Saudi engineers participated in that project under a technology-transfer arrangement.
The newbuilding contract also follows a broader renewal and expansion programme in Bahri’s tanker operations. Last year, the company completed the $1bn acquisition of nine modern VLCCs from Capital Maritime & Trading, controlled by Evangelos Marinakis, after a series of secondhand tanker purchases.
Earlier this year, Bahri added five chemical tankers and sold an older VLCC. Its owned fleet stood at 107 vessels at the end of June.
While the group is pursuing fleet additions in several sectors, including conro newbuildings, crude oil tanker operations remain a central part of its business. The latest IMI order combines Bahri’s fleet-growth plans with Saudi Arabia’s efforts to develop domestic commercial shipbuilding capability.