Bahri, a global leader in logistics and transportation based in Saudi Arabia, has signed an agreement worth SR1.537 billion ($410 million) with Hyundai Mipo Dockyard, a member of Hyundai Heavy Industries (HHI) Group - which owns one of the largest state-of-the-art shipyards in the world - to build 10 units of 49,999-dwt Medium Range (MR) chemical tankers.
The vessel purchase agreement comes as part of Bahri’s ongoing endeavours aimed at expanding its marine capabilities and renewing its fleet, said the company in a statement.
It was signed recently at a virtual ceremony, between Bahri CEO Abdullah Aldubaikhi and HHI Chief Operating Officer and Senior Executive Vice President Seung-Yong Park in the presence of key executives from both the companies.
Set for delivery beginning from the first quarter of 2022, the 10 chemical tankers will be built to the highest environmental, fuel-efficiency, and safety standards in line with the company’s commitment to operating responsibly.
One of the world’s largest owners of VLCCs and the Middle East’s largest owner and operator of chemical tankers, Bahri operates a total of 87 vessels, including 41 VLCCs, 34 chemical and product tankers, 6 multipurpose ro-ro vessels, and 6 dry-bulk carriers, in addition to four other carriers on order.
Commenting on the deal, Aldubaikhi said: "As a company committed to contributing to Saudi Arabia’s maritime goals set out in Vision 2030, Bahri has always remained keen on the continual enhancement of its enormous fleet of state-of-the-art multi-purpose vessels."
"The new agreement with HMD for the building of 10 high-spec chemical tankers represents a major step forward in our next phase of growth and further strengthens our leading position in the global maritime industry. With the newbuilds entering our fleet over the next two years, we will be further equipped to cater to the varying needs of our customers around the world," he stated.
Park said HHI was extremely pleased that this project had come to fruition, built upon Bahri’s continued confidence and trust in HHI Group’s capabilities.
"The new agreement is a compelling testimony to HMD’s superior value proposition and its advanced technology-enabled offerings. These 10 MR tankers will bring the tally of various types of vessels that we built for Bahri to 61," explained Park.
"We are committed to ensuring that our long-standing partner receives high-quality and eco-friendly vessels this time as well, and sincerely hope this project further strengthens our concrete relationship with one of the most renowned shipping companies," he added.
In May, Bahri took delivery of its new dry-bulk carrier ‘Sara,’ which is the first ship received as part of the agreement signed between Bahri Dry Bulk and HMD in August 2017 to build four new dry-bulk carriers by 2020.
In addition to the three other bulk carriers that are under construction, the company is also expecting a new VLCC, which is currently being built by International Maritime Industries (IMI). With its delivery in October 2021, Bahri’s fleet of multi-purpose vessels will rise to 101.
The vessel purchase agreement comes as part of Bahri’s ongoing endeavours aimed at expanding its marine capabilities and renewing its fleet, said the company in a statement.
It was signed recently at a virtual ceremony, between Bahri CEO Abdullah Aldubaikhi and HHI Chief Operating Officer and Senior Executive Vice President Seung-Yong Park in the presence of key executives from both the companies.
Set for delivery beginning from the first quarter of 2022, the 10 chemical tankers will be built to the highest environmental, fuel-efficiency, and safety standards in line with the company’s commitment to operating responsibly.
One of the world’s largest owners of VLCCs and the Middle East’s largest owner and operator of chemical tankers, Bahri operates a total of 87 vessels, including 41 VLCCs, 34 chemical and product tankers, 6 multipurpose ro-ro vessels, and 6 dry-bulk carriers, in addition to four other carriers on order.
Commenting on the deal, Aldubaikhi said: "As a company committed to contributing to Saudi Arabia’s maritime goals set out in Vision 2030, Bahri has always remained keen on the continual enhancement of its enormous fleet of state-of-the-art multi-purpose vessels."
"The new agreement with HMD for the building of 10 high-spec chemical tankers represents a major step forward in our next phase of growth and further strengthens our leading position in the global maritime industry. With the newbuilds entering our fleet over the next two years, we will be further equipped to cater to the varying needs of our customers around the world," he stated.
Park said HHI was extremely pleased that this project had come to fruition, built upon Bahri’s continued confidence and trust in HHI Group’s capabilities.
"The new agreement is a compelling testimony to HMD’s superior value proposition and its advanced technology-enabled offerings. These 10 MR tankers will bring the tally of various types of vessels that we built for Bahri to 61," explained Park.
"We are committed to ensuring that our long-standing partner receives high-quality and eco-friendly vessels this time as well, and sincerely hope this project further strengthens our concrete relationship with one of the most renowned shipping companies," he added.
In May, Bahri took delivery of its new dry-bulk carrier ‘Sara,’ which is the first ship received as part of the agreement signed between Bahri Dry Bulk and HMD in August 2017 to build four new dry-bulk carriers by 2020.
In addition to the three other bulk carriers that are under construction, the company is also expecting a new VLCC, which is currently being built by International Maritime Industries (IMI). With its delivery in October 2021, Bahri’s fleet of multi-purpose vessels will rise to 101.
Source Link: www.tradearabia.com
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