The National Shipping Company of Saudi Arabia (Bahri) announces that it has finalized a purchase agreement with Capital Maritime and Trading Corporation to acquire nine Very Large Crude Carriers (VLCCs) for an approximate amount of SAR 3.75 billion (USD 1 billion).
As explained, the transaction will significantly advance Bahri’s fleet modernization plans, reinforcing its position among leading VLCC owners globally. The main purpose of this acquisition is to enable Bahri streamlining the process of phasing out older vessels in the fleet going forward.
Moreover, the transaction is poised to improve Bahri’s overall fleet competitiveness that will lead to enhancing the company’s revenues and profitability, as Bahri will benefit from the higher earnings from these modern eco-scrubber ships, as well as the reduced operating expenses driven by these cost-efficient VLCCs.
The transaction will modernize Bahri’s fleet, particularly its Oil Transport business unit which currently operates a fleet of 40 VLCCs, and enable it to streamline the process of phasing out older vessels in its fleet going forward.
