The National Shipping Company of Saudi Arabia (Bahri) has received its fifth 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, Shaden, is expected to start commercial operations in December, 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, the third in July, and the fourth in September.
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