National Shipping Company of Saudi Arabia (Bahri), a leader in logistics and transportation, has added its 38th very large crude carrier (VLCC) to its growing fleet of multipurpose vessels.
The vessel, Maharah, a 300,000-dwt carrier, was built by Hyundai Heavy Industries in South Korea.
Built to the latest environmental and fuel-efficient technical specifications, the vessel was handed over to Bahri at a major ceremony held at Hyundai Heavy Industries’ Mokpo shipyard in South Jeolla Province, South Korea, said a statement from the company.
It was attended by Bahri’s board member, Ahmed Ali Al Subaey; Hyundai Heavy Industries’ president and CEO, MK Yoon; Bahri’s acting CEO, Ali Al Harbi; Bahri Ship Management’s president, Per Pedersen; Bahri’s senior vice president – marketing, Wael Al Sarhan; Bahri’s vice president – commercial, Hisham Alnughaimish, and other senior officials.
"This is a very proud moment for all of us and as well as for Saudi Arabia," remarked Al Subaeyd.
"The addition of Maharah further strengthens our position as the world's largest owner and operator of VLCCs and reinforces our leadership position in the global transportation and logistics sector," he noted.
“We celebrate this important milestone only months after accepting delivery of our 37th VLCC Amjad earlier this year in February,” he said.
“In current times, fleet growth is critical to offsetting low spot market rates, and the timing of this delivery could not have been better,” he added.
Al Harbi said: “The partnership between Bahri and Hyundai Heavy Industries spanning over a decade has been highly successful, with 26 vessels ordered and delivered to date and eight more VLCCs currently on order, among which three will be delivered this year.”
“With increased capacity and tonnage, we can continue to deliver world-class transportation solutions and value to our customers, shareholders and staff,” he said.
“Bahri is a homegrown Saudi brand and a remarkable success story that further enhances the country’s position on the world map,” he added.
Yoon said Hyundai's relationship with Bahri is one that holds immense strategic importance not only for our two organisations but also for our two nations.”
“With over 30 ocean-freight vessels delivered or currently on order, and other significant collaborative plans in the discussion or planning phase, our companies are set to alter the course of the global shipping industry,” he added.