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Bahri Signs VLCC Order with IMI & HHI for Shipbuilding Industry in Saudi Arabia

Logistic News - Published on Fri, 20 Sep 2019

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Global leader in logistics and transportation Bahri announced that it has signed a Vessel Purchase Agreement with International Maritime Industries and a subsequent sub-contract agreement with its long-term partner Hyundai Heavy Industries to build of a 319,000 DWT Very Large Crude-oil Carrier with delivery expected in October 2021. Other agreements signed will ensure all parties pursue a series of long-term business activities, whether jointly or severally on the basis of a multilateral relationship. The VPA builds on a MoU signed between Bahri, IMI, and HHI in June this year. The MoU stipulated that Bahri will issue IMI its first VLCC order before the end of July 2019, with IMI engaging HHI as a sub-contractor to build the VLCC at its world-class facility in Ulsan, South Korea.

IMI, a joint venture between Saudi Aramco, Bahri, Lamprell, and HHI, is located at the King Salman Complex for International Maritime Industries and Services in Ras Al-Khair, Saudi Arabia. When complete, the shipyard will be the largest, full-service maritime facility in MENA and will have the capacity to manufacture annually four newbuild offshore rigs and over 43 newbuild vessels including VLCCs, in addition to servicing more than 260 maritime products. Major production operations are expected to commence toward the end of 2020 with the facility reaching its full production capacity by 2022.

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Posted By : Mohan Sharma on Fri, 20 Sep 2019
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