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Addition of four new vessels to Bahri's growing multipurpose fleet will support the Kingdom's growing demand for grains import
Dubai, UAE – Bahri Dry Bulk, a business unit of Bahri, which is a global leader in transportation and logistics, has signed on Friday, 3 Dhu Al-Hijjah 1438 (25 August 2017) an agreement valued at USD 120 million, to purchase four bulk carriers from Hyundai Mipo Dockyard, a member of Hyundai Heavy Industries (HHI) Group, which owns one of the largest state-of-the-art shipyards in the world.
The agreement was signed in Dubai, UAE, in the presence of Mr. Ali Al-Harbi, Acting CEO of Bahri, Mr. Nezar Banabeela, President, Bahri Dry Bulk, Mr. Sam. H. Ka, President & COO, Hyundai Heavy Industries (HHI) Group, in addition to other executives from both the companies.
With construction commencing immediately, each vessel will be built to the highest environmental, fuel-efficiency and safety standards, with a capacity to carry up to 80,000 metric tons per voyage, and will be delivered during the year 2020.
“Bahri’s long-standing relationship with Hyundai Heavy Industries Group bears testimony to the success of the bilateral ties between Saudi Arabia and South Korea, and Bahri and HHI’s shared values for long-term growth. HHI Group brings decades of expertise in shipbuilding and its sustained focus on quality has contributed to their position as one of the most highly-regarded names in the industry,” said Ali Al-Harbi, Acting CEO of Bahri.
“The addition of four new vessels to our fleet is firmly aligned with Bahri’s long-term strategy for expansion and diversification. Upon delivery, the vessels will contribute towards the growing demand Bahri Dry Bulk is witnessing for the import of essential grains such as barley, wheat and corn into the Kingdom,” added Al-Harbi.
Nezar Banabeela, President of Bahri Dry Bulk, commented, “For Bahri Dry Bulk, the additional vessels will help to address the needs of customers in KSA and the region as well as international companies importing grains into the Kingdom. This, in turn, will enable food security for the Kingdom, and through this initiative, we are proud to play an active role towards achieving an important objective of Saudi Arabia’s Vision 2030.”
Sam. H. Ka, President & COO of HHI, said: “We are honored to further extend the scope of our partnership with a transportation and logistics leader like Bahri. Ours is a long and special relationship that has evolved over many years, and over the course of which we have successfully delivered many other ships to Bahri including VLCCs.”
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About Bahri:
Established in 1978, Bahri is one of the world’s foremost transportation and logistics companies, playing a leading role in the transformation and growth of the global transportation industry through innovation and delivering value-added onshore and offshore services. As a global leader in the transportation and logistics industry, Bahri has six business units that include Oil, Chemicals, Logistics, Dry Bulk, Ship Management, and Data.
Bahri is the largest owner and operator of Very Large Crude Carriers (VLCCs) in the world, and the largest owner of chemical tankers in the Middle East. Presently, the company owns and operates 86 vessels, including 39 VLCCs, 36 chemical/product tankers, 6 multipurpose vessels, and 5 dry-bulk carriers with an additional 7 VLCCs on order.
Bahri is committed to playing an integral and leading role in realizing Saudi Arabia’s Vision 2030 by continuously enhancing and expanding its services and presence across the world, enabling the opening of new trade routes, and positioning the Kingdom as a unique regional logistics gateway to three continents.
Bahri has around 2,400 dedicated employees across its global network of offices in Saudi Arabia, UAE, USA and India.
About Hyundai Mipo Dockyard Co., Ltd. (HMD):
Hyundai Mipo Dockyard Co., Ltd. (HMD), founded in 1975, has entered into newbuilding market in 1996, has been acknowledged as one of the leading and most versatile shipbuilders in the sectors of medium-sized conventional and specialized vessels. Since 1996, HMD has delivered about 810 vessels including product/chemical tankers, bulk carriers, LPG carriers, LEG carriers, pure car and truck carriers, container ships, con-ro/ro-ro vessels, asphalt carriers, sulphur carriers, platform supply vessels, drillships, cable layers, pipe layers, FPSO etc. HMD was selected as the World's Best Shipbuilding Yard by Lloyd's List Maritime in December 2001, which acknowledged HMD's cutting-edge technology in shipbuilding construction, highly qualified workforce and modernized facilities. Before focusing on shipbuilding, HMD performed ship-repair and conversion works on several thousands of vessels. Since 1999, HMD has developed its ship-repair and conversion business with its experience and comprehensive service quality to a joint venture shipyard, Hyundai-Vinashin Shipyard Co., Ltd. (HVS) in Vietnam. www.hmd.co.kr/english/
© Press Release 2017
