RIYADH: Saudi shipping company Bahri has signed a SR1.69 billion ($451 million) contract with International Maritime Industries to build three very large crude carriers, expanding its fleet and supporting domestic shipbuilding.
Each vessel will have a capacity of 320,000 deadweight tonnes, with deliveries scheduled in batches between 2029 and 2030, according to a Saudi Exchange filing on Oct. 25.
The order comes as Bahri expands and modernizes its fleet amid strong demand for crude oil transportation and a broader push by Saudi Arabia to develop domestic maritime manufacturing. The company’s investment in locally built vessels also supports the Kingdom’s efforts to expand
The agreement was signed on Oct. 22 and will be financed through a combination of Bahri’s internal cash resources and banking facilities.
The company said the investment forms part of its fleet modernization strategy, “supporting its ability to meet evolving requirements across global energy and maritime markets.”
The financial impact will be reflected in Bahri’s statements after the vessels are delivered and begin commercial operations.
Domestic shipbuilding
Bahri said the agreement brings its orders for vessels to be built in the Kingdom to nine, comprising six dry bulk carriers and three crude oil tankers.
The earlier order, signed with IMI in October 2025, was valued at SR762 million. It covers six geared Ultramax dry bulk vessels, each with a capacity of 62,823 deadweight tonnes, scheduled for delivery between 2028 and 2029.
Those vessels are designed to serve ports with limited infrastructure, allowing Bahri to expand into additional markets and trade routes.
IMI is a related party because Bahri owns 19.9 percent of its capital. Bahri CEO and board member Ahmed Ali Al-Subaey also serves on IMI’s board, the latest filing disclosed.
Fleet expansion
The new tanker order follows Bahri’s completion in September 2025 of a separate $1 billion acquisition of nine VLCCs from Greece-based Capital Maritime & Trading Corp. That transaction involved vessels built in South Korea, distinct from the new Saudi shipbuilding contract.
Bahri continued expanding and renewing its fleet during the second quarter of 2026, acquiring five chemical tankers and selling an older VLCC. Its owned fleet stood at 107 vessels at the end of June, alongside two vessels under long-term leases, according to its second-quarter results announcement.
The company reported second-quarter net profit of SR2.75 billion, up 574 percent year on year. It attributed the increase primarily to its crude oil transport business, which benefited from higher freight rates and increased vessel chartering to meet customer demand.