Bahri Dry Bulk Obtains Financing for Five New Vessels

The National Shipping Company of Saudi Arabia (Bahri) announced that its subsidiary Bahri Dry Bulk (owned 60% by Bahri and 40% by Arasco) signed with Bank Albilad on Wednesday, November 20, 2013, a Shariah compliant financing facility for SAR 420,000,000 (approx USD 112 million) 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 had announced on April 17, 2012, that Bahri Dry Bulk signed contract to build 5 dry bulk ships with one of the leading ship yards in Japan. These vessels have a capacity of 82,000 dwt and length of 229 meters, consume less fuel and are ecofriendly. The Company started its operation through chartering 5 vessels and chartering them out to Arasco which will be replaced by the delivered vessels. The first vessel will be delivered in the end of November 2013, while the remaining four in the first half of 2014.

Bahri, November 21, 2013

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 >