Bahri Dry Bulk, a subsidiary of the National Shipping Company of Saudi Arabia (Bahri), and Bank Albilad yesterday signed a SAR 420 million (approx $112 million) financing facility to finance 70% of the cost of building 5 dry bulk vessels.
The financing facility is for a period of 11 years including a maximum of 1 year grace period. The 5 vessels will be mortgaged to Bank Albilad as collateral for the financing.
Bahri Dry Bulk signed in 2012 contract to build 5 dry bulk ships with one of the leading shipyards in Japan. These vessel are of 82,000 DWT, 229 meters long, with modern fuel saving technologies and latest equipment to operate environment friendly
The first vessel will be delivered in the end of November 2013, while the remaining four in the first half of 2014.
Press Release, November 21, 2013