Name of client: National Shipping Company of   Saudi Arabia (Bahri)
Revised budget: $2 billion
Facility type: Very Large Crude Carriers    (VLCCs)
Sector: Oil
Status: Construction
Location: Various
Main contractor: HSHI – Hyundai Samho    Heavy Industries

Background
Saudi’s National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, signs deals for Very Large Crude Carriers (VLCCs) from ship builders Hyundai Heavy Industries.

Project status
July 19, 2017: Bahri expands its fleet with a new vessel from Hyundai Heavy Industries (HHI). The new vessel is a 300,000-dwt carrier built by HHI in South Korea. The new addition is the 39th VLCC for Bahri and brings the total fleet size to 86 vessels.
June 12, 2017; Bahri adds the 38th Very Large Crude Carrier (VLCC) to its growing fleet of multipurpose vessels. The 38th vessel is named Maharah and it is a 300,000-dwt carrier built by Hyundai Heavy Industries in South Korea.

Project scope
The VLCCs will be designed to the latest international technical specifications and are fitted with environment-friendly specifications and high efficiency in fuel consumption, with a capacity of 300,000 DWT/ per carrier.
Bahri signs a contract with Hyundai Samho Heavy Industries to build five additional VLCCs, total VLCCs presently under construction will become 10 instead of the former 5.

Project finance
The VLCCs will be owned by the National Shipping Company of Saudi Arabia (Bahri).
In November 2016, Bahri signs a 10-year Islamic financing deal arranged by Standard Chartered (SCBFF), which also contributed to the deal along with Arab National Bank and National Bank of Abu Dhabi.

Project schedule
Feasibility study Q1-2015
Construction Q2-2015
Completion Q4-2017