Bahri orders three crude tankers to be built in Saudi Arabia for 451 million dollars
Saudi shipping company Bahri has ordered three very large crude carriers from International Maritime Industries for about 451 million dollars. Deliveries are scheduled in batches during 2029 and 2030. The related-party contract will be financed through internal cash and bank facilities, with financial effects tied to vessel delivery and the start of commercial operations.
Economics & Markets··Night
Three carriers are due in 2029 and 2030
Saudi shipping company Bahri has contracted International Maritime Industries (IMI), a Saudi shipbuilder, to construct and deliver three very large crude carriers. The October 25 disclosure puts the estimated value at approximately 1.69 billion Saudi riyals, equivalent to 451 million dollars. Each vessel will have a carrying capacity of 320,000 tonnes. Deliveries are scheduled in batches during 2029 and 2030, and the contract runs until the final vessel is handed over.[1], [2]
Cash and bank facilities will finance the order
Bahri will finance the investment through internal cash resources and bank facilities. The company said the financial effect would appear in its statements as the vessels are received and enter commercial operation, following the delivery schedule. IMI is a related party: Bahri owns 19.9 percent of the shipbuilder’s capital. Ahmed Ali Al-Subaey, Bahri’s chief executive and a board member, also sits on IMI’s board. Both the ownership link and the overlapping directorship were identified in the disclosure.[1]
Saudi newbuild orders reach nine vessels
The agreement brings Bahri’s Saudi-built vessel orders to nine: six dry bulk carriers and the three newly ordered crude tankers. Bahri links the order to its fleet renewal and expansion strategy. Its stated goals include improving long-term operating efficiency and meeting changing requirements in energy and maritime transport. The company also described the investment as supporting domestic shipbuilding capacity and associated supply chains under Saudi Arabia’s Vision 2030 development programme.[1]
