Bahri secures islamic financing for five newbuild VLCCs

National Shipping Company of Saudi Arabia (Bahri) has announced financing, via a Murabaha facility, for five VLCCs the company has on order at Hyundai Samho Heavy Industries.

The Islamic financing facility was secured with Riyad Bank and is valued at Saudi Riyals 1.425b ($380m). The financing period is 10.5 years and includes a 2 years grace period.

Bahri ordered the five tankers in May 2015, with delivery scheduled for 2017. The company later exercised options for five additional vessels.