The National Shipping Company of Saudi Arabia (Bahri) has signed a purchase agreement to acquire nine Very Large Crude Carriers (VLCCs) from Capital Maritime and Trading Corporation for approximately 3.75 billion Saudi riyal ($999 million), the company announced on Tuesday.
The purchase is part of a modernisation drive and will enable the company to start phasing out older vessels, Bahri said in a statement issued via Saudi Arabia’s stock exchange.
The ships will be delivered before the end of the first quarter of 2025, with Bahri paying for 10% of the purchase upon signing and the remainder upon delivery.
Bahri stated the purchase will be financed by a combination of banking facilities and internally generated funds.
Saudi Arabia is the world’s largest oil exporter and possesses around 17% of the world’s oil reserves.
Bahri operates 40 VLCCs, each with a capacity of 2.2 million barrels, and are the largest fleet in the world according to the company’s website.