Bahri Lands Financing for VLCC Trio

The National Shipping Company of Saudi Arabia (Bahri) has signed a loan facility with Alinma Bank worth 700 million riyal (USD 186.7 million).

The loan will be used to finance acquisition of three Very Large Crude Carriers (VLCCs), Bahri said in a filing.

As disclosed, the loan would cover 80 percent of the value of the ships and would be repaid in semi-annual installments with a six-month grace period. Under the terms of the loan, the facility would run for ten years and the final payment would consist of 30 percent of the loan amount.

Bahri said that the ships in question are two second hand VLCCs, Voss Spirit & Hemesdal Spirit, built in 2010, bought in December 2015 from Alpha and Beta VLCC LLC, a subsidiary of Tanker Investment at a total purchase price of USD 155 million.

The third ship, is 2011-built Hanjin Ras Tanura, acquired in February this year for USD 75 million.

The trio was slated for delivery to Bahri in Q1 of 2016.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 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
30 31 1 2 3 4 5

Maritime Reconnaissance and Surveillance Technology

As varied threats in the Mediterranean Sea continue to proliferate, the need to advance…

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 >

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 >