Bahri Signs USD 120 Million Deal to Buy 4 Bulk Carriers from Hyundai Mipo Dockyard

Image Courtesy: Bahri

On August 25, Bahri Dry Bulk, a business unit of Bahri, entered into an agreement with Hyundai Mipo Dockyard, a member of Hyundai Heavy Industries (HHI) Group to procure 4 bulk carriers.

The deal is valued at USD 120 million for the purchase of 4 bulk carriers that are to 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.

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.

“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.”