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Bahri inks deal for quartet ships from 2020

Bahri Dry Bulk Company, a majority-owned subsidiary of the National Shipping Company of Saudi Arabia (Bahri), has penned contracts with South Korean shipbuilder Hyundai Heavy Industries (HHI) for the construction of four bulk carriers.

Bahri confirmed that the total pay cheque for the four new buildings is $120 million USD ($30 million per ship).

Despite the payment, the shipping company haven’t announced further details of how the contracts will be financed. They are due to be revealed at a later date.

The delivery of the bulkers are set to be delivered during the beginning of 2020 located from Hyundai Mipo Dockyard.

The company said: "The financial impact of these contracts will appear after the delivery of the vessels."

The owner has stated the ships will be designed to the latest international technical specifications, fitted with environmentally-friendly specifications and high efficiency in fuel consumption with a capacity of 80,000 metric tons per carrier.

The order comes as Bahri embarks upon fleet expansion aimed at meeting the needs of the local and global markets.

The contracts for Hyundai have been secured at an important moment as the shipbuilder faces insufficient workload and is asking around 5,000 of its working force to take leave of absence.

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