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Bahri signs US$120mn deal with Hyundai to build four bulk carriers

The agreement was signed in Dubai on 25 August 2017. (Image source: Bahri)

Saudi Arabia?s Bahri Dry Bulk, transportation and logistics service provider, has signed a deal worth US$120mn to purchase four bulk carriers from Hyundai Mipo Dockyard, South Korea-based global shipbuilding company Hyundai Heavy Industries (HHI) group

According to Bahri, each vessel will be built aiming to meet the highest environmental, fuel-efficiency and safety standards, with a capacity to carry up to 80,000 metric tonnes per voyage.

The construction work will be commencing as soon as possible and the carriers have been scheduled to be delivered by 2020, said the company.

Nezar Banabeela, president of Bahri Dry Bulk, said, ?For Bahri Dry Bulk, the additional vessels will help to address the needs of customers in Ssaudi Arabia and the region as well as international companies importing grains into the kingdom. This, in turn, will enable food security for the Kingdom, and through this initiative, we are proud to play an active role towards achieving an important objective of Saudi Arabia?s Vision 2030.?

Commenting on the deal, Ali Al-Harbi, acting CEO of Bahri, added, ?The addition of four new vessels to our fleet is firmly aligned with Bahri?s long-term strategy for expansion and diversification. Upon delivery, the vessels will contribute towards the growing demand Bahri Dry Bulk is witnessing for the import of essential grains such as barley, wheat and corn into the kingdom.?

The deal comes as a result of the company?s long-standing relationship with HHI, in which HHI has delivered many other ships to Bahri including VLCCs.