Bahri Seals USD 126 Mn Loan for VLCC Duo

The National Shipping Company of Saudi Arabia (Bahri) has secured USD 126 million in financing with the Bank of Tokyo-Mitsubishi UFJ (BTMU) under the terms compliant with the Sharia law.

Majority of the loan, specifically 80 percent, will be used to finance the two tankers Bahri purchased in October, 2015.

The ships in question are two second-hand VLCCs, Blue Topaz and Blue Pearl, built in 2010 at Daewoo Shipbuilding & Marine Engineering Co (DSME) in South Korea for DK Maritime, the shipbuilder’s subsidiary.

The purchase price was set at a total of USD 157 million and the second-hand tankers were delivered to Bahri in the first quarter of this year.

The funding will mature in ten years and will be paid in equal quarterly installments, Bahri said.

At the end of May, Bahri took delivery of the STI Powai, the fifth of five Medium Range tankers bought in February this year. The tanker was subsequently named to NCC Bader.

All five vessels were built in 2014 at Hyundai Mipo Dockyard in South Korea for Scorpio Tankers Inc. They were bought for a total purchase price of USD 166.5 million.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Oct 2019 >>
MTWTFSS
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

CrewConnect Global 2019

CrewConnect Global is the leading forum for collaboration to advance new industry approaches to seafarer recruitment and training.

read more >

The 5th CWC China LNG & Gas International Summit

Gain Access to Global LNG & Gas Decision Makers in China

Take a peek inside our 2019 Introductory Brochure and stay on top of this rapidly developing market.

See who is already working with us this year as Speakers, Sponsors and Partners – download your Preview Brochure today and meet them in Beijing on 15-16 October 2019.

As the world’s second largest LNG importer, China will remain the biggest contributor to global LNG demand growth in the foreseeable future. Network with global LNG & gas decision makers, buyers, NOCs and Government Officials at the industry’s leading international event in China.

More info

read more >

CEDA Dredging Days 2019

CEDA Dredging Days programme will follow its successful format of contributed peer-reviewed…

read more >

Offshore Wind Europe 2019

#OWEU19 is a meeting place for governments, developers and suppliers to grow the confidence in wind power. Perfect to grow your business by securing new customers, meeting officials and industry heads.

read more >