Riyadh-Mubasher: The National Shipping Company of Saudi Arabia (Bahri) and Riyad Bank signed on 1 April a Murabaha facility agreement worth SAR 1.425 billion, according to a bourse filing.
The agreement aims to finance the construction cost of five Very Large Crude Carriers (VLCCs), which will be mortgaged to Riyad Bank.
The contract period is 10 years and 6 months including a maximum of 2-year grace period.
Bahri signed a contract with Hyundai Samho Heavy Industries to build five VLCCs, with an option to build additional five VLCCs, according to a statement published last May.
