Saudi Arabia’s leading national shipping company, Bahri, has inked a $1 billion deal to purchase nine advanced oil tankers from Capital Maritime and Trading Corporation (CMTC)s headquartered in Greece.
The $1 billion deal allows Bahri to acquire nine Very Large Crude Carriers (VLCCs) from CMTC. Bahri will replace the new vessels with its aging carriers, ensuring operations run smoothly and efficiently.
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The deal shows that the delivery of the nine advanced carriers must be completed during the first quarter of 2025. Saudi’s Bahri has completed an initial down payment of 10% and inked the deal. The remaining 90% of the fee will be settled during the delivery of the nine advanced carriers.
Saudi Arabia’s Bahri To Get Advanced & Modern Carriers in Q1 of 2025
The new carriers to Saudi Arabia will modernize Bahri’s fleet ensuring smooth and faster oil transport to other countries. It will now compete with other leading fleets with advanced technologies, ensuring competitive services to clients.
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“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,” said the Saudi Arabian shipping company in the statement.
He added, “The transaction will improve the fleet competitiveness of Bahri Oil Transport business unit as the modern, eco-scrubber, and cost-efficient VLCCs will boost both its revenues and profitability.”
Currently, Bahri has around 92 carriers, including 36 chemical and product tankers. In addition, it boasts six multipurpose vessels and 11 dry bulk carriers. The nine new fleets will strengthen Bahri’s delivery business across the shipping firm’s business units.
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The deal comes at a time when Saudi Arabia is increasing its oil production, and Bahri’s deal coincides with the Kingdom’s ambition.