Bahri's subsidiary signs SAR 1.5 bln deal with Hyundai for 10 chemical tankers

The National Shipping Company of Saudi Arabia’s (Bahri) subsidiary, National Chemical Carriers Co, signed today a SAR 1.54 billion ($410 million) contract with Hyundai MIPO Dockyard Co. for building 10 chemical tankers.

Each tanker, which is estimated to cost SAR 153.8 million, will have a capacity of 49,999 DWT, the shipping major said in a bourse filing.

The contract duration is 31 months. The tankers are slated to be delivered in batches, starting from Q1 2022 until Q1 2023.

The company will use its cash flow to fund the contract, in addition to securing bank financing, the statement noted.

Bahri is currently working on determining the expected financial impact, which will reflect on taking delivery and operating the 10 tankers.

The “IMO type 2” vessels are fuel-efficient and can be used as both chemicals and clean petroleum product (CPP) carriers, the statement added.