Saudi Arabian shipowner Bahri has signed a SAR 1.629 billion ($450 million) contract with International Maritime Industries (IMI) for the construction of three very large crude carriers (VLCCs), with deliveries scheduled between 2029 and 2030.
The contract was announced alongside the Saudi Maritime and Logistics Congress and marks another step in Bahri’s fleet modernisation strategy and Saudi Arabia’s efforts to strengthen its domestic shipbuilding industry.
Each vessel will have a capacity of 320,000 deadweight tonnes (DWT). Bahri CEO Ahmed Alsubaey said fleet modernisation remains a core element of the company’s long-term strategy, adding that the newbuildings will be more modern and efficient. The order is also expected to deepen Bahri’s relationship with IMI and support the development of Saudi Arabia’s maritime supply chain.
The deal comes amid exceptionally strong VLCC spot freight rates, which have reached record highs, highlighting the significance of crude tanker capacity in the global shipping market.
IMI CEO Abdullah Al-Ghamdi said the contract represents progress for Saudi Arabia’s maritime industry and supports the localisation of shipbuilding in line with the Kingdom’s broader strategic objectives under Saudi Vision 2030.
The order further reinforces Bahri’s commitment to IMI, a Saudi shipyard joint venture in which the shipowner holds a stake, while contributing to the development of domestic shipbuilding capabilities and the Kingdom’s maritime ecosystem.