Bahri Purchases 9 VLCCs in Fleet Modernization Deal

Acquisition Announced by Saudi Arabian Shipping Company

Transaction Represents Major Investment in Fleet Modernization

The National Shipping Company of Saudi Arabia (Bahri) has made a significant move in its fleet modernization plan by signing a purchase agreement to acquire nine Very Large Crude Carriers (VLCCs). The acquisition is part of Bahri's long-term strategy to expand its operations and enhance its global reach.

The VLCCs were purchased from Evangelos Marinakis-controlled Capital Maritime & Trading Corp. The deal, valued at approximately $1 billion, includes nine vessels with a total capacity of over 12 million deadweight tons (DWT).

Bahri's acquisition of these VLCCs is a strategic move that aligns with the company's goal of becoming a global leader in the shipping industry. The acquisition will significantly expand Bahri's VLCC fleet and strengthen its position in the crude oil transportation market.

Benefits of the Acquisition

• Expands Bahri's VLCC fleet, increasing its capacity by over 12 million DWT
• Enhances Bahri's global reach, enabling it to serve new markets and customers
• Improves Bahri's operational efficiency and reduces operating costs
• Contributes to Saudi Arabia's Vision 2030 goal of developing a strong and diversified economy

Details of the Transaction

The purchase agreement includes nine VLCCs, all of which are modern vessels built between 2019 and 2022. The vessels meet the latest environmental and safety regulations, ensuring compliance with industry standards.

The transaction is expected to close in the second quarter of 2023, subject to the satisfaction of customary closing conditions. Once completed, the acquisition will make Bahri one of the largest owners of VLCCs in the world.

The acquisition highlights Bahri's commitment to investing in its fleet and growing its presence in the global shipping industry. The company's long-term strategy focuses on expanding its operations, diversifying its services, and enhancing its operational efficiency.