Dubai: National Shipping Company of Saudi Arabia (Bahri) has signed an agreement with South Korea’s S-Oil Corp to ship crude oil from the third quarter of 2015.
Under the 10-year contract Bahri will ship oil on VLCCs from the Arabian Gulf and Red Sea to the port of Onsan in South Korea.
Bahri expects to boost revenues by around SAR250m ($66.7m) annually from the deal.
“S-Oil will benefit from the flexibility and quality operations that the Bahri VLCCs bring to this partnership, while Bahri VLCCs will have continuous access to AG/East bound cargoes creating additional diversity of employment routes and the ability to further optimize fleet utilization,” Bahri said in a release.
