Bahri Shipping Company has ordered three large oil tankers with a capacity of 320,000 tons worth $451 million (equivalent to 1.692 billion Saudi riyals) from International Maritime Industries (IMI). This contract was signed on October 22 and published on Sunday. This move aims to expand the company's tanker fleet and support shipbuilding domestically.
Order Details and Delivery Timeline
The new tankers will be built at IMI facilities located in Ras Al Khair on the eastern coast of Saudi Arabia, with delivery planned between 2029 and 2030. The cost of each tanker in this contract is estimated at approximately $150 million. Bahri announced that these tankers will utilize advanced technologies for energy consumption optimization, and their financing will be sourced from a combination of internal resources and banking facilities.
Bahri's History and Future Plans
This new contract adds to Bahri's total commitments for building new ships in Saudi Arabia, which has reached nine vessels. Last October, the company placed an order worth $203 million for six other large ships at the same facilities. These vessels, with a capacity of 62,823 tons, are also scheduled for delivery between 2028 and 2029 and mark the beginning of a program for building large commercial ships in Saudi Arabia.
International Maritime Industries (IMI) has previously played a role in developing Bahri's tanker fleet. In 2021, Bahri received the 319,000-ton Riyah tanker, which was built under a previous collaboration between IMI and Hyundai Heavy Industries. This tanker was constructed in South Korea, and Saudi engineers participated in this project as part of a technology transfer agreement.
The new order also contributes to Bahri's efforts to modernize its tanker fleet. Last year, the company made a $1 billion purchase of nine modern tankers from Capital Maritime and Trading, controlled by Evangelos Marinakis, and also acquired several second-hand tankers.
Earlier this year, Bahri added five chemical tankers and retired an old tanker, bringing its fleet to 107 vessels by the end of June. The Saudi group continues to expand its fleet across several sectors, including new plans for building container ships, while crude oil tanker trade remains a key part of the company's operations.
