10/05/2018 06:52 AST

National Shipping Company of Saudi Arabia (Bahri), a leader in logistics and transportation, has taken the delivery of ‘Amad’, a very large crude-oil carrier (VLCC), further enhancing its market-leading capabilities in crude oil transportation.

The new vessel marks the last of the 10 VLCCs added to Bahri’s fleet as part of its agreement with South Korea-based Hyundai Samho Heavy Industries, a leading global shipbuilding company, said a statement.

The latest addition brings the total number of VLCCs in Bahri’s fleet to 46 and vessels to 93, it said. Bahri accepted the delivery of ‘Amad’ at a ceremony held at HSHI’s Mokpo shipyard in South Jeolla Province, South Korea, today (May 9) 2018, in the presence of four board members, namely Ahmed Ali Al-Subaey, Ibrahim Al-Buainain, Khalid Mohammed Al-Araifi, and Khalifa Abdullatif Al-Mulhim, along with Bahri’s CEO Eng Abdullah Al-Dubaikhi; M K Yoon, president and CEO of Hyundai Samho Heavy Industries, among others, it added.

The new vessel, which will be operated on a time-charter/spot basis, marks the completion of the industry leader’s three-year agreement signed with HSHI in May 2015, to build five VLCCs and five more optional VLCCs, to fuel Bahri’s long-term expansion strategy.

With the capacity to transport 2.2 million barrels of crude oil, the 300,000-DWT carrier’s stands at 333 m long with a beam of 60 m, and a depth (from keel to main deck) of 30 m. The speed of Amad is 14.4 knots.

? Al-Dubaikhi said: “Saudi Arabia is on the cusp of a number of major economic developments and milestones further strengthening our company’s focus on playing an integral role in achieving the Kingdom’s Vision 2030 objectives.”

“A strong fleet of VLCCs allows us to further penetrate and capture the lion’s share of the market through strategic expansions in key geographies, which will, in turn, provide a significant boost to the kingdom’s ongoing efforts to establish itself as a unique regional logistics gateway to three continents,” he said.

“A 46-strong VLCC fleet places us in an excellent position to pursue bigger growth opportunities as part of our long-term expansion strategy. By further solidifying our leadership credentials as the world’s largest owner and operator of VLCCs, the robustness of our fleet enables us to expand our business prospects in the oil tanker market, meet the growing demand for crude oil transportation, and enhance our service offering to deliver greater efficiency and value to our stakeholders,” he added.

Yoon said: “The conclusion of our agreement with Bahri represents a long-standing synergetic association between two global leaders dedicated to leveraging growth opportunities for the advancement of the maritime sector.”

“We congratulate Bahri on the addition of their 46th VLCC, ‘Amad,’ and look forward to building on the success of our enduring business relationship to explore new opportunities of mutual interest in the future,” he added.

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