Bahri buys VLCC from Hanjin Shipping

The National Shipping Company of Saudi Arabia (Bahri) has confirmed it has signed a memorandum of agreement (MoA) to buy a VLCC from Hanjin Shipping for $75m. Brokers reported the sale late last week.

Hanjin Ras Tanura (318,000 dwt, built 2011) will be delivered to Bahri in March, the company said.

Bahri has bought four secondhand VLCCs and ordered 10 new ones over the past 12 months.

In the last quarter 2015, Bahri bought two 2010-built VLCCs for a combined price of $155m from Tanker Investements, and two 321,200-dwt VLCCs from Daewoo Shipbuilding & Marine for $78m each.

In May, it ordered five firm 300,000-dwt vessels from Hyundai Samho Heavy Industries and shortly afterwards exercised its option for five more. The newbuildings are due to be delivered in 2017.

Last week, Bahri also bought five MR product tankers from Scorpio Tankers for $166.5m en bloc.