The National Shipping Company of Saudi Arabia (Bahri) has received the fourth Very Large Crude Carrier (VLCC) from South Korea’s Hyundai Samho Heavy Industries Co., the company said in a statement to Tadawul.
The new carrier, dubbed Rimthan, is expected to start commercial operations in October, with financial impact to appear on Q4 2017 earnings.
The VLCC is one of five financed by a Murabaha facility worth SAR 1.43 billion with Riyad Bank.
In 2015, Bahri signed an agreement with Hyundai Samho to build five VLCCs, with an option to build an additional five carriers.
The Tadawul-listed company received its first VLCC from this deal in February, the second in June, and the third in July.
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