The deal comes in addition to a previous agreement announced in May for five VLCCs, bringing the total newbuild count to 10.
Bahri says it has signed a contract with Hyundai Samho Heavy Industries to build five VLCCs, bringing the company's total VLCC newbuild count to 10.
The National Shipping Company of Saudi Arabia (BAHRI) has announced that it has signed a contract with Hyundai Samho Heavy Industries Co., Ltd.\u00a0to build five VLCCs.
The deal comes in addition to a previous agreement announced in May for five VLCCs, bringing the company's total newbuild count to 10.
"These VLCCs 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 300,000 DWT\u00a0per carrier," BAHRI said of the deal.
All of the new carriers are set for delivery in 2017 and 2018.
BAHRI says it will announce financing details at a later time.
"The signing of these contracts is for continuous renewal of the current fleet to meet the needs of the local and global markets," added BAHRI.
Skangas duel fuel LNG carrier Coral Energy (image credit/Skangas)
Liquified natural gas (LNG) bunker tanker Coralius has made its first trip loading and delivering LNG to and from Norwegian ports, according to trade press reports.
The 5,800 cubic meter capacity tanker, which is owned by Norwegian gas company Skangas, was delivered to the company in June. Skangas also operates LNG carrier Coral Energy.
OPEC Cutback Extension to be Discussed in November, But Developments Could Render Any Deal Meaningless
Analysts say everything from Saudi exploration to rising tensions with North Korea could radically alter the dynamics of the international market. File Image / Pixabay
Ever since the Organization of the Petroleum Exporting Countries (OPEC) extended the duration of its production cuts earlier this year to March of 2018, speculation has been rampant that the meager cutback volume coupled with the large number of members