Bahri signs SAR 762M deal to buy 6 dry bulk vessels

A Bahri vessel

National Shipping Company of Saudi Arabia (Bahri) signed today, Oct. 1, a SAR 762 million purchase agreement with International Marine Industries Co. (IMI) to build and deliver six crane-equipped Ultramax dry bulk vessels.

Bahri said in a statement on Tadawul that the contract will be financed through a mix of internal cash resources and bank facilities.

The vessels, each with a deadweight tonnage of 62,820 tons, will be built and delivered by IMI. The Ultramax carriers are designed with cranes and high levels of flexibility and operational efficiency, allowing them to access ports with limited infrastructure.

Deliveries are scheduled in batches between 2028 and 2029, with the relevant financial impact set to appear on Bahri’s income statement once the vessels are received and enter commercial operations, the statement added.

IMI is considered a related party, as Bahri holds a 19.9% stake in the company, while board member Ahmed Al-Subaey also has an indirect interest in the deal.