The National Shipping Company of Saudi Arabia (Bahri) announces that it has received today, 23rd July 2013 in South Korea, a new vessel specialized in general cargo with a size of 26,000 DWT. The ship was named Bahri Tabuk and it was built by Hyundai MIPO in South Korea. This is the third vessel delivered from the six vessels that were contracted by the Company with this shipyard in 2011 for a total value of SAR 1,543 million.
Bahri is an internationally renowned shipping conglomerate specialized in the transportation of oil & gas, petrochemicals, general cargo and dry bulk. It also services the rapidly growing petroleum, petrochemical and infrastructure sectors of the Kingdom of Saudi Arabia. These new vessels are built at Hyundai's MIPO Dockyard in Korea for a price of USD $70 million for each vessel which have been designed for ultimate efficiency and performance.
The new RoCon vessels are specialized in carrying general and project cargo and several other types of RoRo cargo. These vessels are equipped with heavy lift cranes with a capacity of 240 tons enabling them to load different type of goods. These vessels are unique in their smaller size compared to the current fleet and have more cargo lifting capabilities with lower fuel consumption. It is estimated that these lighter weight new vessels will consume 45% less fuel thereby decreasing the fuel cost.
Bahri has three general cargo vessels remaining under construction at Hyundai MIPO in South Korea with delivery expected to take place during 2013 and the first half of 2014.
The financial impact of the delivered vessel (Bahri Tabuk) on the Company's revenue will materialize during the third quarter of 2013.
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About BAHRI
Bahri is one of the world's largest and diverse shipping companies, committed to driving excellence in global marine logistics. Founded in 1978 by a Royal Decree as the Kingdom of Saudi Arabia's national carrier, Bahri has grown to become a global force and leader in the international shipping industry. During 2013, Bahri is awarded as one of the top companies in the Arab Region by Forbes Middle East and also won Seatrade 2013 Global Perform Award. The company was also recognized as Best Managed Company in the Middle East under Transportation & Shipping Sector by Euromoney in 2012.
With over 1,800 dedicated employees across its global network including four major shipping hubs, Bahri provides expert handling services for oil & gas, petrochemicals, as well as providing internationally renowned shipping services for Dry Bulk and General Cargo. Equipped with a first-class, modern and ever-expanding fleet of 55 vessels, Bahri has come to represent an international benchmark for technology, infrastructure and service quality, all grown and achieved to the highest standards of environmental, safety, and social responsibility. For more information, please visit our website www.bahri.sa
© Press Release 2013
