Bahri inks $667m oil shipping deal with S-Oil

Bahri inks $667m oil shipping deal with S-Oil

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.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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