Bahri splashes out another US $75m on a new VLCC

Bahri has signed a memorandum of agreement (MoA) to buy a VLCC from Hanjin Shipping for US $75-million.
The shipping company has also ordered 10 new VLCC vessels.
The shipping company has also ordered 10 new VLCC vessels.

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The National Shipping Company of Saudi Arabia (Bahri) has signed a memorandum of agreement (MoA) to buy a VLCC from Hanjin Shipping for US $75-million.

The 2011 built VLCC Hanjin Ras Tanura (318,000 dwt) will be delivered to Bahri in March, the company has confirmed.

This is the fourth second-hand VLCC purchased by Bahri over the past 12 months. The shipping company has also ordered 10 new VLCC vessels.

Bahri bought two 2010-built VLCCs for a combined price of US $155-million from Tanker Investements, and two 321,200-dwt VLCCs from Daewoo Shipbuilding & Marine for US $78-million each in the final quarter of 2015.

In May, it ordered five 300,000-dwt vessels from Hyundai Samho Heavy Industries and shortly afterwards exercised its option for five more. The newbuildings are due to be delivered in 2017.

Last week, Bahri also bought five MR product tankers from Scorpio Tankers for US $166.5-million.
 

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