Saudi's Bahri Secures $1B Deal for Nine Advanced Oil Tankers

Saudi Arabia's national shipping company, Bahri, has inked a significant deal to purchase nine Very Large Crude Carriers (VLCCs) from Capital Maritime and Trading Corporation. Valued at approximately $999 million (3.75 billion Saudi riyals), this acquisition aligns with Bahri's ongoing fleet modernization strategy. The new vessels are expected to replace aging tankers, enhancing the company's operational efficiency and capacity. The transaction, announced on August 20, will see the delivery of all nine VLCCs by the end of Q1 2025. Bahri has structured…