Bahri Inks 10-Year Deal with South Korea’s S-Oil

The National Shipping Company of Saudi Arabia (Bahri) has signed a Contract of Affreightment (COA) with South Korean S-Oil Corporation on Wednesday, April 8th, 2015 for a period of ten years.

Under the deal Bahri has been contracted to transport crude oil cargoes on VLCCs from the Arabian Gulf and Red Sea to Onsan, Korea.

The commercial operation is expected to commence during the third quarter of 2015 and the financial impact is expected to appear in the third quarter of 2015.

According to Bahri, the deal is expected to bring annual revenue of around 250 million Saudi Riyals (around USD 66.6 million).

Bahri said that the contract forges a new and increased level of relationship between the two companies, who have had substantial spot voyage charter business together during the past 10 years.

The company became the sole provider of VLCC crude oil shipping services to the world’s largest producer and exporter of oil, Saudi Arabian Oil Company (Aramco) following the purchase of Vela’s fleet.

The deal included shifting the entire Vela whole fleet, crew and employees and part of its business systems to be integrated within Bahri’s structure.

 

Share this article

Follow World Maritime News

In Depth>

Events>

<< Feb 2020 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 1

Eastern Mediterranean Offshore Conference and Exhibition (EMC) 2020

EMC 2020 conference will arm delegates with technical and commercial knowledge to capitalise…

read more >

2nd GREENTECH IN SHIPPING GLOBAL FORUM

Forum you will find out from the regulators, government bodies and major ports’ representatives what the near…

read more >

Belgian Offshore Days 2020

During this event, a conference will be held with focus on “Increasing value by data driven innovation…

read more >

7th Annual Arctic Exchange

Every year the Exchange invites delegates from across the globe to come together to listen to key senior management teams…

read more >