Bahri awards SAR 1.692bn contract to IMI for three VLCCs

Saudi Arabia's National Shipping Company (Bahri) has awarded a contract worth approximately SAR 1.692 billion (USD 451 million) to International Maritime Industries Company (IMI). The contract covers the construction and delivery of three Very Large Crude Carriers (VLCCs). Each vessel has a capacity of 320,000 deadweight tonnes (DWT).

The award was announced on October 22, 2026. The three vessels are scheduled to be handed over to Bahri in batches between 2029 and 2030. The contract term will extend until the final vessel is delivered.

The financial impact of the agreement is expected to appear in Bahri's financial statements after the vessels are received and begin commercial operations, in line with the delivery schedule. Until then, the contract is a commitment rather than a revenue item.

The agreement is described as a significant milestone in Bahri's fleet modernization and expansion strategy. It is meant to strengthen the company's long-term operational capabilities and its ability to respond to evolving demand across global energy and maritime markets.

The contract also supports Saudi Arabia's ambition to build a globally competitive maritime industry. It does so by localizing shipbuilding capabilities and developing domestic maritime supply chains, in line with the objectives of Saudi Vision 2030. Following this contract, the total number of newbuild vessels in Saudi Arabia reaches nine, made up of six dry bulk carriers and three VLCCs.