- Bahri signed a landmark Murabaha Financing Agreement with Alinma Bank to secure financing to support its fleet modernization program.
- Credit facility availed will be used to partially fund the acquisition of nine oil tankers.
Bahri has secured a 10-year credit agreement with Saudi Arabia’s Sharia-compliant Alinma Bank for SAR2.835bn to partially fund the purchase of nine VLCCs.
In August, Bahri signed a $1bn deal to buy nine VLCCs from Evangelos Marinakis-controlled Capital Maritime & Trading Corporation, with an upfront payment of 10% and payment on delivery of the vessels in batches by the end of Q1 2025.
The financing agreement was signed in the presence of company senior executives by Basil Abulhamayel, CFO at Bahri and Jameel AlHamdan, Chief, Corporate Banking Group at Alinma Bank.
One of the largest VLCC owner and operators in the world, Bahri has embarked on a renewal programme for its fleet of 39 VLCCs to phase out older ships and replace them with more modern, efficient tonnage. The oldest ships listed on the company’s website are 1996-built Ramlah, Ghawar and Watban, approaching 30 years old.
The new credit agreement is designed to streamline the process of adding new vessels to the fleet, the companies said.
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Source: Bahri
