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Saudi Arabia’s shipping major Bahri, has placed the first order to build and deliver six crane-equipped Ultramax dry bulk vessels, which will be built at International Maritime Industries Co. (IMI), the largest maritime yard in the Middle East and North Africa (MENA) region.
The order is valued at 762 million Saudi riyals ($203 million), Bahri said in a statement to the Saudi stock exchange on Wednesday.
IMI is expected to deliver the dry bulk carriers in batches between 2028 and 2029.
Bahri will fund the contract cost through a combination of its internal cash resources and banking facilities, the statement said.
The order is Saudi Arabia’s first large-scale shipbuilding project and advances an industrial localisation programme kickstarted in late 2017 with the formation of IMI, a joint venture between Saudi Aramco, Lamprell, Bahri, and Hyundai Heavy Industries (HHI). Bahri owns 19.9 per cent of IMI, according to Seatrade Maritime News.
The shipyard, located within the King Salman International Complex for Maritime Industries and Services in Ras Al-Khair on Saudi Arabia’s eastern seaboard, has signed guaranteed off-take agreements worth $10 billion over 10 years with Aramco and Bahri for the delivery of 20 rigs and 52 vessels, respectively.
(Writing by P Deol; Editing by Sona Nambiar)
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