As part of its ambitious modernization plan, the National Shipping Company of Saudi Arabia (Bahri) announced on August 19, 2024, the conclusion of a purchase agreement with Capital Maritime and Trading Corporation for the acquisition of nine very large crude carriers (VLCCs) for a total amount of approximately 3.75 billion SAR (1 billion USD).

This transaction represents a significant advancement in Bahri’s efforts to modernize its fleet, thereby consolidating its position among the largest VLCC owners in the world. The acquisition aims not only to renew Bahri’s fleet but also to facilitate the gradual retirement of older vessels in the coming years.

Furthermore, this transaction is expected to enhance Bahri’s overall competitiveness by increasing its revenues and profitability. The new vessels, equipped with modern eco-cleaning technologies, will help reduce operating costs while delivering optimal performance.

Transaction Details

Bahri will acquire nine VLCCs from Capital Maritime and Trading Corporation for a total amount of approximately 3.75 billion SAR (1 billion USD).

Additionally, this transaction is anticipated to strengthen Bahri’s overall competitiveness by boosting its revenues and profitability. The new ships, equipped with modern eco-cleaning technologies, will enable a reduction in operating costs while providing optimal performance.

Transaction Details

Bahri will acquire nine VLCCs from Capital Maritime and Trading Corporation for a total amount of approximately 3.75 billion SAR (1 billion USD).

Transaction Conditions: Capital…

Transaction Amount: Approximately 3.75 Billion SAR (1 Billion USD)

Transaction Amount: Approximately 3.75 billion SAR (1 billion USD).

Transaction Conditions: Capital Maritime and Trading Corporation will deliver the VLCCs to Bahri in several batches by the end of the first quarter of 2025. Payment will be staggered, with 10% due upon contract signing and the remaining 90% upon delivery of the vessels.

As part of its…

Parties to the Transaction:

• Buyer: National Shipping Company of Saudi Arabia (Bahri)
• Seller: Capital Maritime and Trading Corporation

Transaction Financing Method: The transaction will be financed through a combination of bank facilities and internally generated funds.

Expected Impact of the Transaction…

Date of Transaction Conclusion: August 19, 2024 (1446-02-15 in the Hijri calendar).

Description of the Asset Activity Subject to the Transaction: The VLCCs will be utilized by the Bahri Oil Transport business unit for the transportation of crude oil to its clients.

Reasons for the Transaction: This acquisition will allow Bahri to modernize its fleet, particularly within the Oil Transport unit, which currently operates 40 VLCCs, and to optimize the replacement of older vessels.

Expected Impact of the Transaction on the Company and its Operations: The acquisition of modern VLCCs, equipped with eco-cleaning technologies and high energy efficiency, is expected to enhance Bahri’s competitiveness, revenues, and profitability.

Additional Information: The majority of the acquired VLCCs are built in South Korea, with an average age of 5.9 years. They are equipped with scrubbers and feature advanced characteristics in energy efficiency and emissions reduction, with an average deadweight tonnage (DWT) of approximately 311,500.

Transaction Amount: Approximately 3.75 Billion SAR (1 Billion USD)

Transaction Amount: Approximately 3.75 billion SAR (1 billion USD).

Accord historique de Bahri pour moderniser sa flotte

Détails financiers de l'acquisition des VLCCs

Transaction Conditions: Capital Maritime and Trading Corporation will deliver the VLCCs to Bahri in several batches by the end of the first quarter of 2025. Payment will be staggered, with 10% due upon contract signing and the remaining 90% upon delivery of the vessels.

As part of its…

Impact de l'acquisition sur la compétitivité de Bahri

Parties to the Transaction:

• Buyer: National Shipping Company of Saudi Arabia (Bahri)
• Seller: Capital Maritime and Trading Corporation

Avantages des nouvelles technologies éco-cleaning

Transaction Financing Method: The transaction will be financed through a combination of bank facilities and internally generated funds.

Expected Impact of the Transaction…

Perspectives d'avenir pour le secteur maritime au Maghreb

Date of Transaction Conclusion: August 19, 2024 (1446-02-15 in the Hijri calendar).

Description of the Asset Activity Subject to the Transaction: The VLCCs will be utilized by the Bahri Oil Transport business unit for the transportation of crude oil to its clients.

Rôle de Bahri dans le marché des pétroliers au Maghreb

Reasons for the Transaction: This acquisition will allow Bahri to modernize its fleet, particularly within the Oil Transport unit, which currently operates 40 VLCCs, and to optimize the replacement of older vessels.

Expected Impact of the Transaction on the Company and its Operations: The acquisition of modern VLCCs, equipped with eco-cleaning technologies and high energy efficiency, is expected to enhance Bahri’s competitiveness, revenues, and profitability.

Additional Information: The majority of the acquired VLCCs are built in South Korea, with an average age of 5.9 years. They are equipped with scrubbers and feature advanced characteristics in energy efficiency and emissions reduction, with an average deadweight tonnage (DWT) of approximately 311,500.