Bahri signs $410m agreement to receive 10 new chemical tankers from Hyundai Mipo Dockyard
Christian Fernsby ▼ | August 21, 2020
Bahri, a transportation and logistics company, signed a new agreement with Hyundai Mipo Dockyard, a member of Hyundai Heavy Industries (HHI) Group to build ten 50,000-dwt Medium Range (MR) chemical tankers.Article continues below
Topics: BAHRI HYUNDAI
Valued at USD 410 million (SAR 1.537 billion), the agreement was signed recently at a virtual ceremony, between Abdullah Aldubaikhi, CEO of Bahri, and Seung-Yong Park, Chief Operating Officer and Senior Executive Vice President of HHI, in the virtual presence of key executives from both the companies.
The vessel purchase agreement comes as part of Bahri’s ongoing endeavors aimed at expanding its marine capabilities and renewing its fleet. Scheduled to start being delivered during the first quarter of 2022, the 10 chemical tankers will be built to the highest environmental, fuel-efficiency, and safety standards in line with the company’s commitment to operating responsibly.
In May 2020, Bahri took delivery of its new dry-bulk carrier ‘Sara,’ which is the first ship received as part of the agreement signed between Bahri Dry Bulk and HMD in August 2017 to build four new dry-bulk carriers by 2020.
In addition to the three other bulk carriers that are under construction, the company is also expecting a new VLCC, which is currently being built by International Maritime Industries (IMI) and will be delivered by October 2021, lifting Bahri’s fleet of multi-purpose vessels to 101.
One of the world’s largest owners and operators of VLCCs and the Middle East’s largest owner and operator of chemical tankers, Bahri owns and operates a total of 87 vessels, including 41 VLCCs, 34 chemical and product tankers, 6 multipurpose ro-ro vessels, and 6 dry-bulk carriers, in addition to four other carriers on order. ■ What to read next
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