Middle EastTankers

Bahri buys VLCC from Hanjin Shipping

The National Shipping Company of Saudi Arabia (Bahri) has confirmed it has signed a memorandum of agreement (MoA) to buy a VLCC from Hanjin Shipping for $75m. Brokers reported the sale late last week.

Hanjin Ras Tanura (318,000 dwt, built 2011) will be delivered to Bahri in March, the company said.

Bahri has bought four secondhand VLCCs and ordered 10 new ones over the past 12 months.

In the last quarter 2015, Bahri bought two 2010-built VLCCs for a combined price of $155m from Tanker Investements, and two 321,200-dwt VLCCs from Daewoo Shipbuilding & Marine for $78m each.

In May, it ordered five firm 300,000-dwt vessels from Hyundai Samho Heavy Industries and shortly afterwards exercised its option for five more. The newbuildings are due to be delivered in 2017.

Last week, Bahri also bought five MR product tankers from Scorpio Tankers for $166.5m en bloc.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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