09 MAY 2018
The new vessel marks the last of the 10 VLCCs added to Bahri’s fleet as part of its agreement with South Korea-based Hyundai Samho Heavy Industries
Riyadh, KSA – 9 May 2018: Celebrating the addition of its 46th Very Large Crude-oil Carrier (VLCC), Bahri, a global leader in logistics and transportation, today welcomed ‘Amad,’ from South Korea-based Hyundai Samho Heavy Industries (HSHI), the world’s largest shipbuilding company, bringing the total number of VLCCs in Bahri’s fleet to 46 and vessels to 93.
Bahri accepted the delivery of ‘Amad’ at a ceremony held at HSHI’s Mokpo shipyard in South Jeolla Province, South Korea, on 9 May 2018, in the presence of four board members, namely Mr. Ahmed Ali Al-Subaey, Mr. Ibrahim Al-Buainain, Mr. Khalid Mohammed Al-Araifi, and Mr. Khalifa Abdullatif Al-Mulhim, along with Bahri’s CEO Eng. Abdullah Al-Dubaikhi, M. K. Yoon, President and CEO of Hyundai Samho Heavy Industries, among others.
The new vessel, which will be operated on a time-charter/spot basis, marks the completion of the industry leader’s three-year agreement signed with HSHI in May 2015, to build five VLCCs and five more optional VLCCs, to fuel Bahri’s long-term expansion strategy.
With the capacity to transport 2.2 million barrels of crude oil, the 300,000-DWT carrier’s stands at 333 meters long with a beam of 60 meters, and a depth (from keel to main deck) of 30 meters. The speed of Amad is 14.4 knots.
“Saudi Arabia is on the cusp of a number of major economic developments and milestones like the delivery of our 46th VLCC, ‘Amad,’ further strengthening our focus on playing an integral role in achieving the Kingdom’s Vision 2030 objectives. A strong fleet of VLCCs allows us to further penetrate and capture the lion’s share of the market through strategic expansions in key geographies, which will, in turn, provide a significant boost to the Kingdom’s ongoing efforts to establish itself as a unique regional logistics gateway to three continents,” said Eng. Abdullah Al-Dubaikhi, CEO of Bahri.
“A 46-strong VLCC fleet places Bahri in an excellent position to pursue bigger growth opportunities as part of our long-term expansion strategy. By further solidifying our leadership credentials as the world’s largest owner and operator of VLCCs, the robustness of our fleet enables us to expand our business prospects in the oil tanker market, meet the growing demand for crude oil transportation, and enhance our service offering to deliver greater efficiency and value to our stakeholders,” added Al-Dubaikhi.
M. K. Yoon, President and CEO of Hyundai Samho Heavy Industries, said: “The conclusion of our agreement with Bahri represents a long-standing synergetic association between two global leaders dedicated to leveraging growth opportunities for the advancement of the maritime sector. We congratulate Bahri on the addition of their 46th VLCC, ‘Amad,’ and look forward to building on the success of our enduring business relationship to explore new opportunities of mutual interest in the future.”
‘Amad’ joins the four vessels Bahri received from HSHI earlier this year, namely, ‘Kassab,’ ‘Lawhah,’ ‘Qamran,’ and ‘Khurais,’ following the five vessels the company received in 2017, including ‘Amjad,’ ‘Maharah,’ ‘Aslaf,’ ‘Rimthan,’ and ‘Shaden.’