Bahri renews 10-year crude shipping contract with South Korea’s S-Oil

The National Shipping Company of Saudi Arabia (Bahri) renewed its contract of affreightment (COA) with S-Oil Corporation, one of South Korea’s largest refiners headquartered in Seoul.

In a statement, Bahri said the renewed agreement will extend for a period of 10 years, enabling the company to transport crude oil cargoes on very large crude carriers (VLCCs) from the Arabian Gulf and the Red Sea to Onsan, South Korea.

The contract structure provides strategic resilience by ensuring predictable revenue streams and safeguarding a meaningful share of Bahri’s VLCC fleet from exposure to cyclical downturns in global shipping markets. Where under the renewed COA, Bahri will transport minimum of approximately 70 million barrels of crude oil annually.

The agreement marks a major milestone in the 20-year partnership between Bahri and S-Oil, underscoring their shared commitment to operational excellence, reliability, and long-term collaboration in energy transport.

Bahri fleet consists of 50 VLCCs.