SEOUL, South Korea, February 7, 2017 /PRNewswire/ --
Stays on course towards becoming the world's largest owner and operator of VLCCs
Bahri, a global leader in logistics and transportation, today announced that 'AMJAD', a 300,000 DWT Very Large Crude Carrier (VLCC) built by Hyundai Heavy Industries (HHI) in South Korea, has become the latest addition to its growing fleet of 84 vessels of various types.
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Bahri took delivery of the VLCC, its 37th, built to the latest environmental and fuel-efficient technical specifications, in a ceremony held at HHI's Mokpo shipyard in South Jeolla Province, South Korea. Bahri CEO, Ibrahim Al-Omar, Hyundai Heavy Industries' President and CEO, M. K. Yoon and President and COO, Sam H. Ka, Saudi Arabia's Ambassador to South Korea, H.E. Riyad Almubaraky, Bahri Oil President, Naser Al-Abdulkareem, and other senior officials from both organizations attended the special two-day celebrations.
Ibrahim Al-Omar, Bahri CEO, said, "The addition of AMJAD to our fleet is a milestone achievement as it not only cements our position as a global leader in oil transportation but also marks the beginning of our journey to becoming the world's largest owner and operator of VLCCs. This increase in fleet will provide us with added operational flexibility, facilitate business expansion and help us capitalize on the continued demand for crude oil."
"With a bigger and newer fleet of VLCCs, we can continue to provide our customers with world-class transportation solutions and value-added customer service," added Al-Omar.
Bahri and HHI have shared a close relationship for over a decade, with 25 vessels ordered and delivered to date and nine more VLCCs currently on order. This relationship was further accentuated with the Joint Development Agreement (JDA) signed with Saudi Aramco and Lamprell Energy Ltd. to build a 5-billion-dollar maritime shipyard within the King Salman Global Maritime Industries Complex in Saudi Arabia which will provide engineering, manufacturing and repair services for offshore rigs, commercial vessels and offshore service vessels and is expected to be fully operational by the end of 2022.
M. K. Yoon, President and CEO of Hyundai Heavy Industries, said, "As the world's largest shipbuilding company, we are proud of our long-term association with Bahri, a maritime industry leader in its own domain. As flagship companies in our own backyards, HHI and Bahri are also playing a key role in further strengthening ties between our two nations. With nearly a third of Bahri's current fleet built by HHI and nine more VLCCs being built, and a multi-billion-dollar maritime shipyard being planned in Saudi Arabia in the coming years, our relationship with Bahri is set for the long haul."
During the delivery ceremony of 'AMJAD', H.E. Riyad Almubarky, Ambassador of Saudi Arabia to The Republic of Korea, highlighted the close, historic and distinctive diplomatic relationship that brings both the nations together, adding that 2017 is expected to bring more cooperation and rise in trade and investments between both countries.
Bahri Oil, one of Bahri's six business units, will be responsible for the commercial operation of 'AMJAD'. Bahri Oil has several long-term contracts with first-class charterers, with volumes exceeding its owned fleet capacity.
About Bahri:
Established in 1978, Bahri is one of the world's foremost logistics and transportation companies, playing a leading role in the transformation and growth of the global shipping industry through innovation and delivering value-added onshore and offshore services. As a global leader in the logistics and transportation industry, Bahri has six business units that include Oil, Chemicals, Logistics, Dry Bulk, Ship Management, and Data.
Bahri is the second largest owner of Very Large Crude Carriers (VLCCs) in the world, and the largest owner of chemical tankers in the Middle East. Presently, the company owns 84 vessels, including 37 VLCCs, 36 chemical/product tankers, 6 multipurpose vessels, and 5 dry-bulk carriers with additional 9 VLCCs on order.
Bahri is committed to playing an integral and leading role in realizing Saudi Arabia's Vision 2030 by continuously enhancing and expanding its services and presence across the world, enabling the opening of new trade routes, and positioning Saudi Arabia as a unique regional logistics gateway to three continents.
Bahri has around 2,400 dedicated employees across its global network of offices in Saudi Arabia, UAE, USA and India.
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