Bahri and IMI Sign SAR 1.692 Billion Contract for Three Newbuild VLCCs

Bahri, a leading global transportation and logistics company, has entered into a significant contract worth SAR 1.692 billion with International Maritime Industries (IMI) for the construction of three Very Large Crude Carriers (VLCCs) at IMI's facility in Saudi Arabia. The agreement, associated with the Saudi Maritime & Logistics Congress, aims to bolster Bahri's fleet modernization efforts and enhance its operational capabilities in response to the evolving global energy market demands.

Under the terms of the contract, IMI will build three VLCCs, each with a substantial deadweight tonnage capacity of 320,000 tons. These vessels will be equipped with cutting-edge energy efficiency technologies to ensure optimal performance and fuel efficiency. The phased delivery of these vessels is scheduled to commence between 2029 and 2030.

This contract marks a substantial expansion for Bahri, bringing the total number of vessels it has contracted to be built in Saudi Arabia to nine. To date, these contracts include six Ultramax bulk carriers and three VLCCs. Eng. Ahmed Alsubaey, Bahri's CEO, emphasized the strategic importance of fleet modernization, stating that the new agreement enables the company to bolster its capabilities with modern, more efficient vessels while deepening its collaboration with IMI and supporting the development of Saudi Arabia's maritime supply chain.

Eng. Abdullah Al-Ghamdi, IMI's CEO, highlighted the milestone as a testament to the growing advancements in Saudi Arabia's maritime industry. He expressed anticipation for supporting Bahri's future needs and contributing to the localization of shipbuilding capabilities in alignment with the Kingdom's Vision objectives.