Bahri Orders Three VLCCs from Saudi Shipyard IMI for Around $450 Million
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Saudi state-owned shipping company Bahri signed a contract with shipyard International Maritime Industries (IMI), located in Ras Al-Khair, Saudi Arabia, for the construction of three VLCC (Very Large Crude Carrier) tankers of 320,000 deadweight tonnes each. The agreement was announced at the Saudi Maritime & Logistics Congress and provides for staggered deliveries between 2029 and 2030.
Discrepancies in the Reported Amount
Seatrade Maritime put the investment at 1,629 million Saudi riyals, equivalent to $450 million, while Hellenic Shipping News and Ports News Russia placed the contract value at 1,692 million riyals, around $451 million. According to Ports News Russia, the contract was signed on October 22 and publicly announced on October 25.
Executive Statements
Bahri's CEO, Ahmed Alsubaey, noted that fleet modernization is a key pillar of the company's long-term strategy and that the contract will help strengthen its capabilities with more modern, efficient vessels, as well as expand its collaboration with IMI. For his part, IMI's CEO, Abdullah Al-Ghamdi, stated that the milestone reflects the progress of the Saudi maritime industry and that the company looks forward to continuing to support Bahri's future requirements in line with the Kingdom's Vision goals.
Ninth Vessel Ordered This Year
With this contract, Bahri brings to nine the number of vessels ordered in Saudi Arabia since the start of the year, six Ultramax bulk carriers and the three VLCCs. Ports News Russia noted that the transaction constitutes a related-party deal, since Bahri holds a 19.9% stake in IMI and its CEO, Ahmed Ali Al-Subaey, also sits on the shipyard's board. Financing will be provided through a combination of internal resources and bank facilities, and the financial impact is expected only after delivery and the start of commercial operations.
Market Context
Seatrade Maritime highlighted that the new order comes at a time when VLCCs are posting record spot rates in the market. According to Ports News Russia, Bahri, founded by royal decree in 1978 and headquartered in Riyadh, had an owned fleet of 107 vessels as of the end of June 2026, of which 50 are VLCCs dedicated to its crude oil business.
