Bahri to purchase two second-hand VLCCs
The National Shipping Company of Saudi Arabia (Bahri) announced in a stock exhchange statement that it will buy two second-hand VLCCs Voss Spirit and Hemsedal Spirit (YB 2010) from Alpha and Beta VLCC (a subsidiary of Tanker Investment Ltd.). The deal is valued at $155 million.
Financial impact will be reflected on the company’s earnings for Q1 2016. The tankers are scheduled for delivery on January 14, and February 1, 2016, respectively.
The National Shipping Company of Saudi Arabia (Bahri) was formed by a Royal Decree in the year 1978 as a Public Company, 22% ownership held by the Public Investment Fund "PIF" of the Saudi Government, 20% by Saudi Aramco Development Company and the remaining is widely held in public shares by Saudi Nationals.