Brokers link the Arab outfit Bakri Navigation to the purchase of the 113,300 dwt Pacific London. The company is paying $15.5m for the 16-year-old, Samsung built aframax tanker.
South Korea’s Sinokor will net a healthy profit on the vessel. Brokers say the Korean powerhouse bought the vessel for $12.5m in July last year.
This is not the first time the Saudi Arabian player has dipped into the secondhand market this year.
It bought two tankers in September, as well as netting $11m from the $31m sale of its ship, Al Muminah, earlier in the year.
The diverse player has close to 20 tankers in most sizes and is the largest privately owned shipping company in Saudi Arabia.