Bahri, a global leader in transportation and logistics, and International Maritime Industries (IMI), the largest integrated maritime facility in the MENA region, have signed a contract for the construction of three Very Large Crude Carriers (VLCCs) at IMI’s facility in Saudi Arabia, in conjunction with the Saudi Maritime & Logistics Congress.
Under the agreement, valued at approximately SAR 1.692 billion, IMI will build three VLCCs, each with a capacity of 320,000 deadweight tons (DWT). The vessels will be equipped with advanced energy-efficiency technologies and are scheduled for phased delivery between 2029 and 2030.
The contract forms part of Bahri’s strategy to modernize its fleet and expand its operational capabilities to meet the evolving demands of global energy markets. Last October, Bahri placed an order with IMI for six Ultramax bulk carriers, marking the first time the shipyard in the Ras Al-Khair region has secured an order for the construction of new bulk carriers. The vessels are scheduled for delivery between 2028 and 2029. With this contract, the total number of vessels Bahri has contracted to be built in Saudi Arabia since the beginning of the year rises to nine vessels, comprising six Ultramax bulk carriers and three VLCCs.
According to available information, IMI was established in 2017 as a joint venture between Saudi Aramco, the National Shipping Company of Saudi Arabia (Bahri), Lamprell, and the South Korean shipbuilder HD Hyundai Heavy Industries, with respective equity stakes of 40%, 20%, 20%, and 20%.
Commenting on the agreement, Eng. Ahmed Alsubaey, CEO of Bahri, said:
“Fleet modernization is a key pillar of our long-term strategy. This contract enables us to strengthen our capabilities with modern, more efficient vessels, while expanding our collaboration with IMI and supporting the development of Saudi Arabia’s maritime supply chain.”
Eng. Abdullah Al-Ghamdi, CEO of International Maritime Industries (IMI), added:
“This milestone reflects the continued advancement of Saudi Arabia’s maritime industry. We look forward to supporting Bahri’s future requirements and contributing to the localization of shipbuilding capabilities in line with the Kingdom’s Vision objectives.”