BAHRI Adds Five More VLCCs to its Order List

The deal comes in addition to a previous agreement announced in May for five VLCCs, bringing the total 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.

In May, BIMCO\u00a0reported that a strong tanker market is extending peak season high earnings with averages not seen since 2008.



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