Saudi Arabia’s Bahri has announced that its dry bulk unit Bahri Dry Bulk has signed contracts with Hyundai Mipo Dockyard for newbuild four bulk carriers valued at $120m.
Construction of the quartet will commence immediately and delivery scheduled for 2020.
Ali Al-Harbi, acting CEO of Bahri, commented: “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.”
Bahri Dry Bulk is a joint venture between Bahri (60%) and ARASCO (40%), the largest grain importer in Saudi Arabia. The JV operates a series of five 82,000 dwt vessels from Japan’s Oshima Shipbuilding, which it ordered in 2012 to make its initial foray into the dry bulk market.