Saudi's Bahri signs $120m deal to buy new ships

Bahri Dry Bulk inks agreement with Hyundai Mipo Dockyard, which owns one of the largest shipyards in the world
By Staff writer
Fri 01 Sep 2017 09:45 AM

Bahri Dry Bulk, a business unit of Saudi-based Bahri, has signed a $120 million deal to purchase four bulk carriers from Hyundai Mipo Dockyard, which owns one of the largest shipyards in the world.

With construction commencing immediately, each vessel will be built to the highest environmental, fuel-efficiency and safety standards, with a capacity to carry up to 80,000 metric tons per voyage, and will be delivered during the year 2020, the company said in a statement.

“Bahri’s long-standing relationship with Hyundai Heavy Industries Group bears testimony to the success of the bilateral ties between Saudi Arabia and South Korea,” said Ali Al-Harbi, acting CEO of Bahri.

“The addition of four new vessels to our fleet is firmly aligned with Bahri’s long-term strategy for expansion and diversification. Upon delivery, the vessels will contribute towards the growing demand Bahri Dry Bulk is witnessing for the import of essential grains such as barley, wheat and corn into the Kingdom,” he added.

Nezar Banabeela, president of Bahri Dry Bulk, said: “The additional vessels will help to address the needs of customers in Saudi Arabia and the region as well as international companies importing grains into the kingdom. This, in turn, will enable food security for the kingdom.”

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