Bahri Lands Financing for VLCC Trio

Image Courtesy: Bahri

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 2017 >>
MTWTFSS
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

APM – ASIA PACIFIC MARITIME 2018

27 years in the making, APM is the premier shipbuilding & marine, workboat and offshore exhibition in Asia trusted by generations of industry professionals.

read more >

Mega Cargo Show 2018

The focus of the event is to bring all connected with cargo fraternity on a single platform…

read more >

Vietship 2018

Vietship is the largest and longest established exhibition in Vietnam featuring all aspect of Shipbuilding, Shipping and Offshore Technology.

Since its first event in 2002, Vietship has become the convergence and platform of advanced technologies regional and worldwide in shipbuilding and ship repair, marine equipment, waterway transportation and services, marine and offshore engineering.

After 16 years of eight consecutive editions, Vietship has affirm itself as an important event in enhancing cooperation and development, attracting investments, exchanging technology and creating ideal opportunities for trade promotion in the international maritime industry.

More info

read more >

LNG Bunkering Summit 2018

The conference will cover the obstacles facing both the shipping and port communities, exploring developments in conversion and new builds…

read more >