Bahri Acquisition

Bahri receives its first ‘gas ready’ VLCC built by IMI and HHI

Successful completion of ‘Rayah’ expands Bahri’s growing fleet to 42

Bahri, a global leader in logistics and transportation, has expanded its Very Large Crude Carrier (VLCC) fleet to 42 with the addition of its first ‘gas ready’ vessel

Built by International Maritime Industries (IMI) and Hyundai Heavy Industries (HHI) at HHI’s shipyard in Ulsan, South Korea, Bahri’s newest acquisition ‘Rayah’ is part of a SAR 371mn (US$ 98.9mn) contract signed in September 2019.

The construction of the vessel marks the successful completion of IMI’s first VLCC project. It also strengthens Bahri’s reputation in the crude-oil transportation market and reinforces its credentials as the world’s largest VLCC owner and operator.

As well as highlighting IMI and its partners’ capabilities to produce VLCCs to the highest international standards, the project enabled more than 50 IMI engineers to gain valuable on-the-job experience from working alongside HHI’s engineers in South Korea. This experience will contribute to the establishment of a skilled Saudi maritime workforce and the development of Saudi Arabia’s maritime and logistics industry under Saudi Vision 2030, a press communiqué stated.

Special ceremony

The new VLCC was officially named and inducted into Bahri’s fleet at a special ceremony organized virtually between Saudi Arabia and South Korea, where the vessel is currently docked. The ceremony was attended by Eng. Amin H. Nasser, President and CEO, Saudi Aramco; Dr. Abdulmalik Al-Hogail, Vice Chairman, Bahri; Eng. Ahmad Al Sa’adi, Chairman, IMI; Young- Seuk Han, Vice Chairman and CEO, HHI; Eng. Abdullah Aldubaikhi, CEO, Bahri; and Eng. Fathi K. Al-Saleem, CEO, IMI, as well as various other Bahri, IMI, and HHI executives.

Speaking at the ceremony, Dr. AlHogail said that the addition of ‘Rayah’ to Bahri’s fleet represents an important enhancement in the company’s integrated logistics and marine capabilities.

“We are delighted that the induction of Rayah marks the launch of our first gas ready VLCC with multiple advantages, including fuel-efficiency, cost-effectiveness, and environmental benefits,” he commented.

“Working with our partners Bahri and HHI, we have successfully met the challenges of the global pandemic to deliver the vessel on time and to the highest international shipbuilding standards,” remarked Al Sa’adi.

Gas-ready VLCC

As a ‘gas ready’ VLCC, Rayah benefits from superior fuel efficiency, as well as advanced systems to ensure heightened safety, better controls, and improved sustainability. Built with the contribution of Saudi Arabian engineers from IMI, Rayah’s receiving ceremony was also a proud milestone for the Kingdom’s local maritime capabilities.

Joint venture

IMI, a joint venture between leading industry partners Saudi Aramco, Bahri, Lamprell, and HHI, is the largest shipyard in the MENA region at nearly 12 million square meters. It provides new build and maintenance, repair, and overhaul (MRO) services for commercial vessels, including VLCCs, Bulk Carriers, Offshore Support Vessels, and Offshore Jackup rigs.

It is the only shipyard with guaranteed off-take agreements worth US$ 10bn (approximately equivalent to SAR 37.5bn) over 10 years, with partners Aramco and Bahri, for the delivery of 20 rigs and 52 vessels.

Bahri owns and operates a fleet of 90 vessels, including 42 VLCCs, 23 chemical and 10 product tankers, six multipurpose Ro-Ro vessels, and nine dry-bulk carriers, together with a strong order-book, serving 150 ports worldwide.