The National Shipping Company of Saudi Arabia (Bahri) announces that its subsidiary Bahri Dry Bulk Company (owned 60% by Bahri) (BDB) has signed contracts with Hyundai Heavy Industries (HHI) to build 4 bulk carriers.
These carriers will be delivered during the first half of 2020. The financial impact of these contracts will appear after the delivery of the vessels.
These vessels are designed to the latest international technical specifications and are fitted with environmentally-friendly specifications and high efficiency in fuel consumption, with a capacity of 80,000 metric tons / per carrier.
"With construction commencing immediately, each vessel will be built to the highest environmental, fuel-efficiency and safety standards, with a capacity to carry up to 80,000 metric tons per voyage, and will be delivered during the year 2020," said a statement.
The signing of these contracts is for expanding the fleet to meet the needs of the local and global markets.
The total price of these contracts is one hundred twenty million dollars (US$120,000,000). The Company will announce the financing details at a later time.
“Bahri’s long-standing relationship with Hyundai Heavy Industries Group bears testimony to the success of the bilateral ties between Saudi Arabia and South Korea, and Bahri and HHI’s shared values for long-term growth. HHI Group brings decades of expertise in shipbuilding and its sustained focus on quality has contributed to their position as one of the most highly-regarded names in the industry,” said Ali Al-Harbi, Acting CEO of Bahri.