SAUDI ARABIA —Bahri has signed an approximately SAR 1.7 million contract with International Maritime Industries Company (IMI) for the construction and delivery of three very large crude carriers (VLCCs), each with a capacity of 320,000 deadweight tonnes (DWT). Announced and signed on October 22, 2026, the agreement covers the building of the three vessels at an estimated total cost of SAR 1.7 billion. The vessels are scheduled to be delivered to Bahri in batches between 2029 and 2030. The project is associated with Saudi Arabia’s maritime and shipbuilding sector.
The contract term will conclude when the final vessel is delivered. Bahri plans to finance the construction cost through a combination of internal cash resources and banking facilities. The company expects the financial impact to be reflected in its financial statements following vessel delivery and the commencement of commercial operations, in line with the delivery schedule. The announcement does not specify individual vessel delivery dates or a detailed breakdown of the contract value.
The agreement forms part of Bahri’s fleet modernization and expansion strategy, adding capacity for its crude oil transportation activities. VLCCs are designed to transport large volumes of crude oil over international routes, making them important assets in global energy logistics. The addition of three vessels could strengthen Bahri’s long-term operating capacity and support its ability to respond to changing shipping demand, although the announcement does not disclose their intended routes or commercial deployment plans.
The contract also supports Saudi Arabia’s ambition to develop a competitive domestic maritime ecosystem under Saudi Vision 2030 by strengthening local shipbuilding capabilities and maritime supply chains. With this agreement, the number of newbuild vessels in the Kingdom reaches nine, comprising six dry bulk vessels and three VLCCs, according to the announcement. The programme represents continued activity in the development of domestic vessel construction and related industrial capabilities.
Bahri is a Saudi maritime transport and logistics company with operations that include crude oil shipping. International Maritime Industries Company is a shipbuilding and maritime services company in which Bahri holds a 19.9% ownership interest. The announcement also identifies a related-party connection through Bahri Board Member and CEO Eng. Ahmed Ali Al-Subaey, who serves on IMI’s board. These relationships are disclosed as part of the contract announcement. Investors will monitor vessel delivery progress, financing requirements and the start of commercial operations to assess the agreement’s eventual contribution to capacity and financial performance.
