The National Shipping Company of Saudi Arabia (Bahri) signed an agreement to build five very large crude carriers (“VLCCs”) plus options for five more with Hyundai Samho Heavy Industries (HSHI). The signing ceremony was attended by Eng. Ibrahim Abdulrahman Al-Omar, Bahri’s Chief Executive Officer and Mr. S. H. Ka, Hyundai’s Member of the Board & Chief Operating Officer.

Eng. Al-Omar stated that Bahri plans to renew and expand its fleet to meet the requirements of both local and international markets, to rank Bahri as the number one VLCC owner globally. The first five VLCCs are due for delivery during 2017. These carriers are designed to be the most technologically advanced, and will be fitted with environmentally friendly fuel efficient engines.

Bahri is the exclusive provider of VLCC transport services for Saudi Aramco-delivered crude oil sales under a long-term contract. The Company has recently signed a ten-year agreement with South Korea’s S-Oil Corporation, under which agreement it will transport crude oil cargoes from the Arabian Gulf and the Red Sea to Ulsan in South Korea.