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Saudi Arabia’s Bahri Signs 700 Mln Riyal Loan for Oil Tankers Purchase - ASHARQ AL-AWSAT English Archive 2005 -2017
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The National Shipping Company of Saudi Arabia (Bahri) has signed a 700 million riyal ($186.7 million) loan to partly-finance the purchase of three very large crude carriers (VLCCs), the company announced on Thursday.

It said in a bourse filing that the loan, provided by Alinma Bank and covering 80 percent of the value of the ships being acquired, would run for ten years.

It would be repaid in semi-annual installments starting from six months after the loan’s signing date, with the final payment consisting of 30 percent of the loan amount, the statement added.

The company’s website says Bahri was formed in 1978 as a Public Company, 22% ownership held by the Public Investment Fund (PIF) of the Saudi Government, 20% by Saudi Aramco Development Company and the remaining is widely held in public shares by Saudi Nationals.

Bahri has grown from a small shipping firm operating multipurpose vessels to become one of the biggest shipping conglomerates in the world, it says.